International financial market integration and linkages of national interest rates
研究发现，即使在1980年代国际资本流动壁垒基本消除后，美国与主要工业国家的实际利率仍无明显趋同，且短期和长期利率的短期相互影响非常微弱，表明各国央行能独立影响国内利率。
This article finds that even in the 1980's, when barriers to international capital mobility had been largely eliminated, there was no measurable tendency for real interest rates between the U.S. and the major industrial countries to converge. Moreover, the estimated short-run responses of both short-term and long-term interest rates to one another have been exceedingly weak. As a consequence, it appears that U.S. and foreign central banks have been able to influence their domestic interest rates quite independently from the influence of interest rates abroad, despite a high degree of international capital mobility.