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Global Spillovers from FED Hikes and a Strong Dollar: The Risk Channel

Author

Listed:
  • José Cristi
  • Ṣebnem Kalemli-Özcan
  • Mariana Sans
  • Filiz D. Unsal

Abstract

We study the international transmission of U.S. monetary policy (FED hikes) and a strong U.S. dollar. Both of these variables are endogenous and thus we follow the recent developments in the literature to measure the exogenous components of each from the perspective of the rest of the world (ROW). We show that while U.S. monetary policy shocks act as financial shocks increasing risk premia in emerging markets, a shock to U.S. dollar does not generate the same effect.

Suggested Citation

  • José Cristi & Ṣebnem Kalemli-Özcan & Mariana Sans & Filiz D. Unsal, 2024. "Global Spillovers from FED Hikes and a Strong Dollar: The Risk Channel," NBER Working Papers 32330, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:32330
    Note: EFG IFM
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    JEL classification:

    • F30 - International Economics - - International Finance - - - General

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