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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP16134 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
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