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The Fed, Remittances, and Economic Cycles: A Cross-Border Perspective

Author

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  • Apu Chandra, Das

    (Shahjalal University of Science and Technology, Sylhet, Bangladesh)

Abstract

The flow of remittances is shaped by the broader macroeconomic landscape of both the sending and receiving nations. This paper delves into the overlooked impact of U.S. monetary policy on remittance transfers to Latin America and the Caribbean. Employing panel local projections across eight recipient countries, we uncover a pronounced and statistically significant decline in remittance inflows following unexpected shifts in U.S. monetary conditions. Our findings remain consistent across different sample periods and when accounting for additional factors. This study, therefore, introduces a remittance-based transmission channel through which Federal Reserve policies reverberate across global economic cycles.

Suggested Citation

  • Apu Chandra, Das, 2025. "The Fed, Remittances, and Economic Cycles: A Cross-Border Perspective," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 40(2), pages 419-436.
  • Handle: RePEc:ris:integr:0950
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    More about this item

    Keywords

    Migrant Remittances; Migration Business cycle; Monetary policy; External effects;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F24 - International Economics - - International Factor Movements and International Business - - - Remittances
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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