This paper assesses the global spillovers from identified US monetary policy shocks in a
global VAR model. US monetary policy generates sizable output spillovers to the rest of the …

This paper studies the transmission of US monetary shocks across the globe by employing a
high-frequency identification of policy shocks and large VAR techniques, in conjunction with …

A review of recent advances in open economy analysis under segmented international
financial markets. A set of modeling tools that have been used to understand financial crises …

We document a disconnect between policy rates and short-term market rates in emerging
economies. On the one hand, central banks in emerging economies follow Taylor-type rules …

This paper evaluates the international spillover effects of large-scale asset purchases
(LSAPs) using an estimated two-country dynamic stochastic general-equilibrium model with …

Research background: The transformations induced by global challenges call for new
approaches towards competitiveness and thus require a consistent rethinking of strategies …

We propose a novel identification scheme for a nontechnology business cycle shock, which
we label “sentiment”. This is a shock orthogonal to identified surprise and news TFP shocks …

The paper re-investigates the effects of government spending shocks on the real exchange
rate and inflation, using US data. In opposition to some previous puzzling results, we find …

ABSTRACT A large literature focuses on the implications of the dollar for international risk
sharing. In contrast, we find evidence that most of the risk sharing associated with the dollar …

Do fluctuations in US short-term interest rates, both decreases and increases, have distinct
effects on the monetary policies of emerging market economies (EMEs)? We use various …