Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/162668
Authors: 
Dieppe, Alistair
Georgiadis, Georgios
Ricci, Martino
Van Robays, Ine
Van Roye, Björn
Year of Publication: 
2017
Series/Report no.: 
ECB Working Paper 2045
Abstract: 
In a highly interlinked global economy a key question for policy makers is how foreign shocks and policies transmit to the domestic economy. We develop a semi-structural multi-country model with rich real and financial channels of international shock propagation for the euro area, the US, Japan, the UK, China, oil-exporting economies and the rest of the world: ECB-Global. We illustrate the usefulness of ECB-Global for policy analysis by presenting its predictions regarding the global spillovers from a US monetary policy tightening, a drop in oil prices and a growth slowdown in China. The impulse responses implied by ECB-Global are well in line with those generated by other global models, with international spillovers in ECB-Global generally on the high side given its rich real and financial spillover structure.
Subjects: 
macro-modelling
multi-country models
spillovers
monetary policy
JEL: 
C51
E30
E50
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-2767-3
Document Type: 
Working Paper

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