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The International Spillover of U.S. Monetary Policy via Global Production Linkages

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Abstract

The recent era of globalization has witnessed growing cross-country trade integration as firms’ production chains have spread across the world, and with stock market returns becoming more correlated across countries. While research has predominantly focused on how financial integration impacts the propagation of shocks across international financial markets, trade also influences these cross-border spillovers. In particular, one important aspect, highlighted by the recent work of di Giovanni and Hale (2020), is how the global production network influences the transmission of U.S. monetary policy to world stock markets.

Suggested Citation

  • Julian di Giovanni, 2021. "The International Spillover of U.S. Monetary Policy via Global Production Linkages," Liberty Street Economics 20210106, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:89392
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    Keywords

    global production network; asset prices; monetary policy shocks;
    All these keywords.

    JEL classification:

    • F0 - International Economics - - General
    • G1 - Financial Economics - - General Financial Markets

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