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Macroprudential policy and interest rate spillovers

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  • Aaron Mehrotra
  • Richhild Moessner

Abstract

We analyse how macroprudential policies in a panel of emerging economies affect spillovers from changes in long-term government bond yields in the United States. We show that a tightening in foreign exchange (FX) related macroprudential policy tools, in particular, limits to FX positions, helps to temporarily shield emerging economies from interest rate spillovers. No such effect is observed for non-FX related macroprudential actions.

Suggested Citation

  • Aaron Mehrotra & Richhild Moessner, 2023. "Macroprudential policy and interest rate spillovers," Applied Economics Letters, Taylor & Francis Journals, vol. 30(1), pages 61-65, January.
    • Handle: RePEc:taf:apeclt:v:30:y:2023:i:1:p:61-65
    DOI: 10.1080/13504851.2021.1975025
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