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Fed spillovers are stronger and more encompassing than the ECB s

Asli Demirgüç-Kunt, Bálint Horváth, Harry Huizinga International trade and financial globalisation have made economies more interdependent and more exposed to each other’s domestic shocks. Economic theory suggests that globalisation affects the transmission mechanism of monetary policy and that its spillovers could strengthen the international dimension of monetary policy (e.g. Dedola et al. 2017, Gerko and Rey 2017, Iacoviello and Navarro 2019). When monetary policy actions spill over abroad, this might at times complement policy choices in other countries and thus be a welcome externality. But at other times this might confront these countries with unfavourable policy choices. For example, they may find it harder to reconcile macroeconomic and financial stability without resorting to an enlarged set of policy tools. Only by exploring data can we shine a light on the extent to which monetary policy has acquired a global dimension.

Declining vaccination rates in Pakistan linked to CIA

CIA s fake vaccine campaign to find Osama bin Laden in Pakistan led to drop in child inoculations

CIA’s fake vaccine campaign to find Osama bin Laden in Pakistan led to drop in child inoculations Ben Farmer © RIZWAN TABASSUM /AFP A health worker administers polio vaccine drops to a child during a polio vaccination door-to-door campaign in Pakistan s port city of Karachi  - RIZWAN TABASSUM /AFP A CIA fake vaccine campaign to seek out Osama bin Laden in his Pakistan hideout led to a significant fall in children s vaccinations, researchers have found. The ruse led to vaccination rates falling by almost two-fifths in areas with strong support for hardline extremist political parties. The findings in the Journal of the European Economic Association come as doctors worry that lingering suspicion from the affair may undermine a Covid-19 vaccine rollout.

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