| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14533 |
| DP14533 The Global Transmission of U.S. Monetary Policy | |
| Riccardo Degasperi; Simon Hong; Giovanni Ricco | |
| 发表日期 | 2020-03-26 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper studies the transmission of US monetary shocks across the globe by employing a high-frequency identification of policy shocks and large VAR techniques, in conjunction with a large macro-financial dataset of global and national indicators covering both advanced and emerging economies. Our identification controls for the information effects of monetary policy and allows for the separate analysis of tightenings and loosenings of the policy stance. First, we document that US policy shocks have large real and nominal spillover effects that affect both advanced economies and emerging markets. Policy actions cannot fully isolate national economies, even in the case of advanced economies with flexible exchange rates. Second, we investigate the channels of transmission and find that both trade and financial channels are activated and that there is an independent role for oil and commodity prices. Third, we show that effects are asymmetric and larger in the case of contractionary US monetary policy shocks. Finally, we contrast the transmission mechanisms of countries with different exchange rates, exposure to the dollar, and capital control regimes. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | monetary policy Trilemma Exchange rates Foreign spillovers |
| URL | https://cepr.org/publications/dp14533 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543438 |
| 推荐引用方式 GB/T 7714 | Riccardo Degasperi,Simon Hong,Giovanni Ricco. DP14533 The Global Transmission of U.S. Monetary Policy. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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