| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15740 |
| DP15740 The Puzzling Change in the International Transmission of U.S. Macroeconomic Policy Shocks | |
| Ethan Ilzetzki; Keyu Jin | |
| 发表日期 | 2021-01-30 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We demonstrate a dramatic change over time in the international transmission of US monetary policy shocks. International spillovers from US interest rate policy have had a different nature since the 1990s than they did in post-Bretton Woods period. Our analysis is based on the a panel of 21 high income and emerging market economies. Prior to the 1990s, the US dollar appreciated, and ex-US industrial production declined, in response to increases in the US Federal Funds Rate, as predicted by textbook open economy models. The past decades have seen a shift, whereby increases in US interest rates depreciate the US dollar but stimulate the rest of the world economy. Results are robust to several identification methods. We sketch a simple theory of exchange rate determination in face of interest-elastic risk aversion that rationalizes these findings. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Monetary International spillovers Exchange rates International financial intermediation |
| URL | https://cepr.org/publications/dp15740 |
| 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/544743 |
| 推荐引用方式 GB/T 7714 | Ethan Ilzetzki,Keyu Jin. DP15740 The Puzzling Change in the International Transmission of U.S. Macroeconomic Policy Shocks. 2021. |
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