G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16134
DP16134 Making waves: Monetary policy and its asymmetric spillovers in a globalised world
Michele Ca’Zorzi; Luca Dedola; Georgios Georgiadis; Marek Jarociński; Livio Stracca; Georg Strasser
发表日期2021-05-10
出版年2021
语种英语
摘要This paper compares the international transmission of European Central Bank (ECB) and Federal Reserve System (Fed) monetary policy in a unified framework, identifying pure monetary policy shocks purged of bias from central bank information effects. The estimates reveal a stark asymmetry in the global spillovers from ECB and Fed monetary policy: Fed monetary policy shocks have a significant impact on euro area financial conditions and real activity, while ECB monetary policy shocks do not have a similar effect on the United States (US). Fed monetary policy shocks also affect real and financial variables in the rest of the world more than ECB monetary policy shocks.
主题International Macroeconomics and Finance ; Monetary Economics and Fluctuations
关键词Monetary policy spillovers Monetary policy shocks International transmission
URLhttps://cepr.org/publications/dp16134
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/545108
推荐引用方式
GB/T 7714
Michele Ca’Zorzi,Luca Dedola,Georgios Georgiadis,et al. DP16134 Making waves: Monetary policy and its asymmetric spillovers in a globalised world. 2021.
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