Spillovers from United States Monetary Policy on Emerging Markets: Different This Time?
The impact of monetary policy in large advanced countries on emerging market economies�dubbed spillovers�is hotly debated in global and national policy circles. When the U.S. resorted to unconventional monetary policy, spillovers on asset prices and capital flows were significant, though remained sm...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2014
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| Schriftenreihe: | IMF Working Papers: Working Paper No. 14 / 240
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| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | The impact of monetary policy in large advanced countries on emerging market economies�dubbed spillovers�is hotly debated in global and national policy circles. When the U.S. resorted to unconventional monetary policy, spillovers on asset prices and capital flows were significant, though remained smaller in countries with better fundamentals. This was not because monetary policy shocks changed (in size, sign or impact on stance). In fact, the traditional signaling channel of monetary policy continued to play the leading role in transmitting shocks, relative to other channels, affecting longer-term bond yields. Instead, we find that larger spillovers stem more from structural factors, such as the use of new instruments (asset purchases). We obtain these results by developing a new methodology to extract, separate, and interpret U.S. monetary policy shocks |
| Beschreibung: | 1 Online-Ressource (30 p) |
| ISBN: | 1498380425 9781498380423 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:36Z |
| indexdate | 2024-07-10T09:35:46Z |
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| series2 | IMF Working Papers: Working Paper No. 14 / 240 |
| spelling | Chen, Jiaqian Verfasser aut Spillovers from United States Monetary Policy on Emerging Markets Different This Time? Chen, Jiaqian Washington, D.C International Monetary Fund 2014 1 Online-Ressource (30 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers: Working Paper No. 14 / 240 The impact of monetary policy in large advanced countries on emerging market economies�dubbed spillovers�is hotly debated in global and national policy circles. When the U.S. resorted to unconventional monetary policy, spillovers on asset prices and capital flows were significant, though remained smaller in countries with better fundamentals. This was not because monetary policy shocks changed (in size, sign or impact on stance). In fact, the traditional signaling channel of monetary policy continued to play the leading role in transmitting shocks, relative to other channels, affecting longer-term bond yields. Instead, we find that larger spillovers stem more from structural factors, such as the use of new instruments (asset purchases). We obtain these results by developing a new methodology to extract, separate, and interpret U.S. monetary policy shocks Online-Ausg Mancini Griffoli, Tommaso Sonstige oth Sahay, Ratna Sonstige oth http://elibrary.imf.org/view/IMF001/22226-9781498380423/22226-9781498380423/22226-9781498380423.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Chen, Jiaqian Spillovers from United States Monetary Policy on Emerging Markets Different This Time? |
| title | Spillovers from United States Monetary Policy on Emerging Markets Different This Time? |
| title_auth | Spillovers from United States Monetary Policy on Emerging Markets Different This Time? |
| title_exact_search | Spillovers from United States Monetary Policy on Emerging Markets Different This Time? |
| title_exact_search_txtP | Spillovers from United States Monetary Policy on Emerging Markets Different This Time? |
| title_full | Spillovers from United States Monetary Policy on Emerging Markets Different This Time? Chen, Jiaqian |
| title_fullStr | Spillovers from United States Monetary Policy on Emerging Markets Different This Time? Chen, Jiaqian |
| title_full_unstemmed | Spillovers from United States Monetary Policy on Emerging Markets Different This Time? Chen, Jiaqian |
| title_short | Spillovers from United States Monetary Policy on Emerging Markets |
| title_sort | spillovers from united states monetary policy on emerging markets different this time |
| title_sub | Different This Time? |
| url | http://elibrary.imf.org/view/IMF001/22226-9781498380423/22226-9781498380423/22226-9781498380423.xml |
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