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Revisiting the Monetary Transmission Mechanism Through an Industry-Level Differential Approach

Author/Editor: Sangyup Choi, Tim Willems, Seung Yong Yoo.

Release Date:January, 2022

We combine industry-level data on output and prices with monetary policy shock estimates for 105 countries to analyze how the effects of monetary policy vary with industry characteristics. Next to more...



Price: $20.00
International Bank Lending Channel of Monetary Policy

Author/Editor: Silvia Albrizio, Sangyup Choi, Davide Furceri, Chansik Yoon.

Release Date:November, 2019

How does domestic monetary policy in systemic countries spillover to the rest of the world? This paper examines the transmission channel of domestic monetary policy in the cross-border context. We more...



Price: $18.00
International Fiscal-financial Spillovers: The Effect of Fiscal Shocks on Cross-border Bank Lending

Author/Editor: Sangyup Choi, Davide Furceri, Chansik Yoon.

Release Date:July, 2019

This paper sheds new light on the degree of international fiscal-financial spillovers by investigating the effect of domestic fiscal policies on cross-border bank lending. By estimating the dynamic more...



Price: $18.00
Inflation Anchoring and Growth: Evidence from Sectoral Data

Author/Editor: Sangyup Choi, Davide Furceri, Prakash Loungani.

Release Date:March, 2018

Central bankers often assert that low inflation and anchoring of inflation expectations are good for economic growth (Bernanke 2007, Plosser 2007). We test this claim using panel data on sectoral more...



Price: $18.00
Uncertainty and Cross-Border Banking Flows

Author/Editor: Sangyup Choi, Davide Furceri.

Release Date:January, 2018

While global uncertainty—measured by the VIX—has proven to be a robust global “push” factor of international capital flows, there has been no systematic study assessing the role of more...



Price: $18.00
Oil Prices and Inflation Dynamics: Evidence from Advanced and Developing Economies

Author/Editor: Sangyup Choi, Davide Furceri, Prakash Loungani, Saurabh Mishra, Marcos Poplawski-Ribeiro.

Release Date:September, 2017

We study the impact of fluctuations in global oil prices on domestic inflation using an unbalanced panel of 72 advanced and developing economies over the period from 1970 to 2015. We find that a 10 more...



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Fiscal Stabilization and Growth : Evidence from Industry-level Data for Advanced and Developing Economies

Author/Editor: Sangyup Choi, Davide Furceri, João Tovar Jalles.

Release Date:September, 2017

Medium-term growth can be enhanced by fiscal stabilization. However, to date, no systematic effort has been made to study the specific channels through which fiscal stabilization affects growth. This more...



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The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads

Author/Editor: Sangyup Choi, Yuko Hashimoto.

Release Date:March, 2017

We find that data transparency policy reforms, reflected in subscriptions to the IMF’s Data Standards Initiatives (SDDS and GDDS), reduce the spreads of emerging market sovereign bonds. To overcome more...



Price: $18.00
Aggregate Uncertainty and Sectoral Productivity Growth : The Role of Credit Constraints

Author/Editor: Sangyup Choi, Davide Furceri, Yi Huang, Prakash Loungani.

Release Date:August, 2016

We show that an increase in aggregate uncertainty—measured by stock market volatility—reduces productivity growth more in industries that depend heavily on external finance. This effect is larger more...



Price: $18.00
Uncertainty and Unemployment: The Effects of Aggregate and Sectoral Channels

Author/Editor: Sangyup Choi, Prakash Loungani.

Release Date:February, 2015

We study the role of uncertainty shocks in explaining unemployment dynamics, separatingout the role of aggregate and sectoral channels. Using S&P500 data from the first quarter of1957 to more...



Price: $18.00