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Bernardo Morais

Principal Economist · Federal Reserve Board

Principal Economist in the Emerging Market Economies Section at the Board of Governors of the Federal Reserve System. Research covers international trade, international finance and banking. PhD in Economics from UCLA (2011).

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Published Classic The Journal of Finance Online 25 Jan 2019 Published Feb 2019
The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects

Bernardo Morais · José-Luis Peydró · Jessica Roldán-Peña · Claudia Ruiz-Ortega

Using the universe of business loans in Mexico matched to firm and bank balance sheets, this paper shows that each foreign monetary policy moves local credit supply mainly through banks headquartered …

Monetary Policy Transmission Banking Credit Quantitative Easing International Finance International Monetary Coordination