Sebnem Kalemli Ozcan: Monetary Policy Making and Transmission in Developing World

Delivered as the opening plenary talk at the 2025 CDE Conference “Monetary Transmission in Developing Economies,” this presentation by Şebnem Kalemli-Özcan (Brown University) examined how external financial conditions shape monetary policy and its transmission in emerging markets. Drawing on recent empirical findings, it highlighted the disconnect between policy and market rates, the role of U.S. monetary policy spillovers, and the limitations of conventional tools in managing credit cycles and capital flow volatility.