Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/25496 
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dc.contributor.authorSousa, Joao Miguelen
dc.contributor.authorZaghini, Andreaen
dc.date.accessioned2007-04-20-
dc.date.accessioned2009-07-24T13:48:07Z-
dc.date.available2009-07-24T13:48:07Z-
dc.date.issued2006-
dc.identifier.piurn:nbn:de:hebis:30-38048en
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
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2006/30en
dc.subject.jelE52en
dc.subject.jelF01en
dc.subject.ddc330en
dc.subject.keywordMonetary Policyen
dc.subject.keywordStructural VARen
dc.subject.keywordGlobal Economyen
dc.subject.stwGeldpolitiken
dc.subject.stwSchocken
dc.subject.stwVAR-Modellen
dc.subject.stwWeltmodellen
dc.subject.stwG-5-Staatenen
dc.titleGlobal monetary policy shocks in the G5: A SVAR approach-
dc.typeWorking Paperen
dc.identifier.ppn527430552en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:200630en

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