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Analysis of Countries Short-term Interest Rates Responses to U.S. Monetary Policy Shock (in Persian)

Author

Listed:
  • Sharifvaghefi, Mahrad

    (Iran)

  • Barakchian, Mahdi

    (Iran)

Abstract

There have been numerous papers worked on the effect of U.S. monetary policy on other countries macroeconomic variables. However, few papers focus on foreign countries monetary policy reactions to U.S. monetary policy. The main purpose of this paper is to find out how foreign countries policy makers react to U.S. monetary policy. In order to answer this question, we examine the effect of exogenous U.S. monetary policy shock on other countries’ short term interest rates. The second part of the paper tries to find that which factors can explain the differences in countries’ monetary policy reactions. Our results show that monetary policy independence, financial openness, central bank independence, and U.S. trade share of countries GDP can explain countries different reactions to U.S. monetary policy.

Suggested Citation

  • Sharifvaghefi, Mahrad & Barakchian, Mahdi, 2015. "Analysis of Countries Short-term Interest Rates Responses to U.S. Monetary Policy Shock (in Persian)," Journal of Monetary and Banking Research (فصلنامه پژوهش‌های پولی-بانکی), Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 8(25), pages 355-378, October.
    • Handle: RePEc:mbr:jmbres:v:8:y:2015:i:25:p:355-378
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    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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