We discuss the evolution in macroeconomic thought on the monetary policy transmission
mechanism and present related empirical evidence. The core channels of policy …

This paper studies the international spillovers of US monetary policy shocks on a number of
macroeconomic and financial variables in 36 advanced and emerging economies. In most …

We analyze the evolution of the degree of global cyclical interdependence over the period
1960–2008. Using a dynamic factor model, we decompose macroeconomic fluctuations in …

The transmission of monetary policy to the economy is generally thought to have long and
variable lags. In this paper we quantitatively review the modern literature on monetary …

The empirical literature on the transmission of international shocks is based on small‐scale
VARs. In this paper, we use a large panel of data for 17 industrialized countries to …

We propose a structural dynamic factor model of a small commodity-exporting economy,
using Canada as a representative case study. Combining large panel datasets of the global …

What are the goals of monetary policy and how are they transmitted? Top scholars
summarize recent evidence on the roles of money in the economy, the effects of information …

Over the past decade, China's growth model has become more reliant on investment and its
footprint in global imports has widened substantially. Several economies within China's …

This paper offers evidence on the effect of ECB's conventional and unconventional monetary
policy on economic expectations in Euro-area countries during the US and EU crisis. We …

We analyze the link between banks and the macroeconomy using a model that extends a
macroeconomic VAR for the US with a set of factors summarizing conditions in about 1,500 …