The US is not the only country to create monetary policy spillovers via both macroeconomic and financial channels, research published by the Bank of England finds.

Silvia Miranda-Agrippino and Tsvetelina Nenova say the world is becoming “gradually more multipolar”, raising the importance of understanding spillovers in reserve currencies.

They note that while the role of the dollar in creating spillovers via both macroeconomic and financial channels is well documented, the evidence is less