Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/25496
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dc.contributor.authorSousa, Joao Miguelen_US
dc.contributor.authorZaghini, Andreaen_US
dc.date.accessioned2007-04-20en_US
dc.date.accessioned2009-07-24T13:48:07Z-
dc.date.available2009-07-24T13:48:07Z-
dc.date.issued2006en_US
dc.identifier.piurn:nbn:de:hebis:30-38048-
dc.identifier.urihttp://hdl.handle.net/10419/25496-
dc.description.abstractThe paper constructs a global monetary aggregate, namely the sum of the key monetary aggregates of the G5 economies (US, Euro area, Japan, UK, and Canada), and analyses its indicator properties for global output and inflation. Using a structural VAR approach we find that after a monetary policy shock output declines temporarily, with the downward effect reaching a peak within the second year, and the global monetary aggregate drops significantly. In addition, the price level rises permanently in response to a positive shock to the global liquidity aggregate. The similarity of our results with those found in country studies might supports the use of a global monetary aggregate as a summary measure of worldwide monetary trends.en_US
dc.language.isoengen_US
dc.publisher|aGoethe University, Center for Financial Studies (CFS) |cFrankfurt a. M.en_US
dc.relation.ispartofseries|aCFS Working Paper |x2006/30en_US
dc.subject.jelE52en_US
dc.subject.jelF01en_US
dc.subject.ddc330en_US
dc.subject.keywordMonetary Policyen_US
dc.subject.keywordStructural VARen_US
dc.subject.keywordGlobal Economyen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwSchocken_US
dc.subject.stwVAR-Modellen_US
dc.subject.stwWeltmodellen_US
dc.subject.stwG-5-Staatenen_US
dc.titleGlobal monetary policy shocks in the G5: A SVAR approachen_US
dc.type|aWorking Paperen_US
dc.identifier.ppn527430552en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:cfswop:200630-

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