Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/201416 
Autor:innen: 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
DIW Discussion Papers No. 1701
Versionsangabe: 
June 2018, Revised version
Verlag: 
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin
Zusammenfassung: 
This study documents empirically that contractionary US monetary policy may generate short-term expansionary spillover effects. In individual Euro Area (EA) member countries, economic activity increases, mainly via the trade channel. Also, domestic credit and stock markets expand, highlighting the importance of the financial channel. However, the international repercussions are transitory and distributed unevenly within the EA. The effect diminishes as EA interest rates increase with a few quarters delay. While the effects are heterogenous and rather large before 1999, responses become more homogeneous and smaller in size after the implementation of the euro. Still, country-specific asymmetries remain.
Schlagwörter: 
Structural dynamic factor model
Sign restrictions
Monetary policy
US
Euro Area
Spillover effects
JEL: 
C32
E52
E58
Dokumentart: 
Working Paper

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