U.S. Monetary Policy and the Global Financial Cycle

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ID: 304732
2020
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Abstract
Abstract U.S. monetary policy shocks induce comovements in the international financial variables that characterize the “Global Financial Cycle.” A single global factor that explains an important share of the variation of risky asset prices around the world decreases significantly after a U.S. monetary tightening. Monetary contractions in the US lead to significant deleveraging of global financial intermediaries, a decline in the provision of domestic credit globally, strong retrenchments of international credit flows, and tightening of foreign financial conditions. Countries with floating exchange rate regimes are subject to similar financial spillovers.
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Authors Silvia Miranda‐Agrippino, Hélène Rey
Journal The Review of Economic Studies
Year 2020
DOI
10.1093/restud/rdaa019
URL
https://academic.oup.com/restud/article-pdf/87/6/2754/36143045/rdaa019.pdf
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