Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/172823
Authors: 
Hanisch, Max
Year of Publication: 
2017
Series/Report no.: 
DIW Discussion Papers 1701
Abstract: 
This study investigates the international spillover effects of contractionary US monetary policy and its transmission channels on members of the euro area (EA) before and after the implementation of the euro. I find the multilateral spillover effects on individual EA economies' real activity and inflation to be asymmetric, i.e. the responses are mainly expansionary but not exclusively so. While the effects are diverse and rather large before 1999, responses become more homogeneous and smaller in size after the implementation of the euro. However, country-specific asymmetries remain. Trade and interest rates but also credit, stock and housing markets are identified as important transmission channels.
Subjects: 
Structural dynamic factor model
Sign restrictions
Monetary policy
US
Euro Area
Spillover effects
JEL: 
C32
E52
E58
Document Type: 
Working Paper

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