Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/229021
Authors: 
Ca' Zorzi, Michele
Dedola, Luca
Georgiadis, Georgios
Jaroci´nski, Marek
Stracca, Livio
Strasser, Georg
Year of Publication: 
2020
Series/Report no.: 
ECB Working Paper No. 2407
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
This paper estimates and compares the international transmission of European Central Bank (ECB) and Federal Reserve System monetary policy in a unified and methodologically consistent framework. It identifies pure monetary policy shocks by purging them of the bias stemming from contemporaneous central bank information effects. The results suggest that there is a hierarchy in the global spillovers from ECB and Federal Reserve monetary policy: while the spillovers to consumer prices are relatively small in both directions, Federal Reserve monetary policy shocks have a larger impact on euro area financial markets and real activity. Federal Reserve monetary policy also has a significantly larger impact than ECB monetary policy on real and financial variables in the rest of the world.
Subjects: 
monetary policy spillovers
monetary policy shocks
international monetary policy coordination
international shock transmission
JEL: 
E44
E52
F3
E58
F42
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-4050-4
Document Type: 
Working Paper

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