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International Spillovers of Monetary Policy

Author

Listed:
  • John Ammer
  • Michiel De Pooter
  • Christopher J. Erceg
  • Steven B. Kamin

Abstract

This note presents a broad-brush overview of some of the salient issues on this topic and provides our sense of the answers to some key questions. We start by sketching out a simple framework for understanding how monetary policy actions spill over to other economies. The note then describes some back-of-the-envelope estimates of how U.S. monetary policy actions are transmitted overseas that we corroborate using a large-scale policy model (SIGMA). Finally, we discuss the implications of monetary policy spillovers for global economic stability, including the challenges posed by those spillovers for some countries with multiple policy objectives.

Suggested Citation

  • John Ammer & Michiel De Pooter & Christopher J. Erceg & Steven B. Kamin, 2016. "International Spillovers of Monetary Policy," IFDP Notes 2016-02-08-1, Board of Governors of the Federal Reserve System (U.S.).
  • Handle: RePEc:fip:fedgin:2016-02-08-1
    DOI: 10.17016/2573-2129.15
    Note: PowerPoint Presentation: https://www.federalreserve.gov/econresdata/notes/ifdp-notes/2016/files/kamin-presentation-201603.pdf
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    Cited by:

    1. Kose,Ayhan & Lakatos,Csilla & Ohnsorge,Franziska Lieselotte & Stocker,Marc, 2017. "The global role of the U.S. economy: linkages, policies and spillovers," Policy Research Working Paper Series 7962, The World Bank.
    2. Avdjiev, Stefan & Hale, Galina, 2019. "U.S. monetary policy and fluctuations of international bank lending," Journal of International Money and Finance, Elsevier, vol. 95(C), pages 251-268.
    3. Gustavo Adler & Carolina Osorio Buitron, 2019. "Policy mix and the U.S. trade balance," International Finance, Wiley Blackwell, vol. 22(2), pages 138-154, August.
    4. Arestis, Philip & Phelps, Peter, 2017. "Financial market implications of monetary policy coincidences: Evidence from the UK and Euro Area government-bond markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 49(C), pages 88-102.
    5. Ruch,Franz Ulrich, 2020. "Prospects, Risks, and Vulnerabilities in Emerging and Developing Economies : Lessons from the Past Decade," Policy Research Working Paper Series 9181, The World Bank.
    6. Pierre-Richard Agénor & Luiz Awazu Pereira da Silva, 2018. "Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination," BIS Papers, Bank for International Settlements, number 97, September.

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