8)  Wu, Jing Cynthia and Fan Dora Xia (2014). “Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound”. NBER Working Paper No. 20117. 16  BIS central bankers’ speeches  Technical appendix An econometric exercise is conducted in order to analyze the main determinants of policy rates in small and open economies.
In particular, the purpose is to assess to what extent central banks in these economies react to changes in the U.S. monetary policy stance.