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Making waves – Fed spillovers are stronger and more encompassing than the ECB’s

Michele Ca' Zorzi, Luca Dedola, Georgios Georgiadis, Marek Jarociński, Livio Stracca and Georg Strasser

Research Bulletin, 2021, vol. 83

Abstract: ECB and Federal Reserve monetary policy both spill over to other countries. But these spillovers are asymmetric. Federal Reserve monetary policy shocks have a significant impact on economic activity in the euro area and the rest of the world, mainly by affecting financial conditions globally. Conversely, ECB monetary policy shocks have little impact on the US economy and on global financial conditions, but still significantly affect global trade and economic activity, especially in emerging markets. JEL Classification: E44, E52, F3, E58, F42

Keywords: international transmission; monetary policy shocks; monetary policy spillovers (search for similar items in EconPapers)
Date: 2021-04
Note: 343031
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