| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16485 |
| DP16485 A Tale of Two Global Monetary Policies | |
| Silvia Miranda-Agrippino; Tsvetelina Nenova | |
| 发表日期 | 2022-02-07 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We compare the macroeconomic and financial spillovers of the unconventional monetary policies of the Fed and the ECB. Monetary policy tightenings in the two areas are followed by a contraction in global activity and trade, a retrenchment in global capital flows, a fall in global stock markets, and a rise in risk aversion. Bilateral spillovers are also powerful. Fed and ECB monetary policies propagate internationally through the same channels { trade and risk-taking {, but the magnitude of ECB spillovers is smaller. We postulate that the relative importance of the euro and the US dollar in the international financial system can help to explain such asymmetries, and produce tentative evidence that links the strength of the ECB spillovers to € exposure in trade invoicing and the pricing of financial transactions. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Unconventional monetary policy High-frequency identification International spillovers Fed Ecb |
| URL | https://cepr.org/publications/dp16485-0 |
| 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/545963 |
| 推荐引用方式 GB/T 7714 | Silvia Miranda-Agrippino,Tsvetelina Nenova. DP16485 A Tale of Two Global Monetary Policies. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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