Different policy tools used in different situations can create spillovers via the exchange rate channel, the Federal Reserve’s Lael Brainard said on July 13.
The Fed governor told an audience in New York that stylised models of the economy appeared to imply that adjusting policy using quantitative easing rather than the short-term interest rate created larger exchange rate movements.
However, other considerations were also important, she noted. In particular, if central banks in other countrie
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