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Sonderforschungsbereich 649: Ökonomisches Risiko, Humboldt-Universität Berlin >
SFB 649 Discussion Papers, HU Berlin >
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http://hdl.handle.net/10419/25109
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| Title: | | External shocks, US monetary policy and macroeconomic fluctuations in merging markets  |
| Authors: | | Maćkowiak, Bartosz |
| Issue Date: | | 2006 |
| Series/Report no.: | | SFB 649 discussion paper 2006,026 |
| Abstract: | | Using structural VARs, I find that external shocks are an important source of macroeconomic fluctuations in emerging markets. Furthermore, U.S. monetary policy shocks affect quickly and strongly interest rates and the exchange rate in a typical emerging market. The price level and real output in a typical emerging market respond to U.S. monetary policy shocks by more than the price level and real output in the U.S. itself. These findings are consistent with the idea that when the U.S. sneezes, emerging markets catch a cold. At the same time, U.S. monetary policy shocks are not important for emerging markets relative to other kinds of external shocks. |
| Subjects: | | Structural vector autoregression monetary policy shocks international spillover effects of monetary policy external shocks emerging markets |
| JEL: | | F41 E3 O11 |
| Document Type: | | Working Paper |
| Appears in Collections: | | SFB 649 Discussion Papers, HU Berlin
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