Fed's monetary policy ‘spillbacks’ have significant effects – ECB paper

Federal Reserve
The Federal Reserve building

A working paper published by the European Central Bank investigates how spillovers from Federal Reserve to foreign countries cause “spillbacks” that affect the US economy.

In What goes around comes around: how large are spillbacks from US monetary policy? Max Breitenlechner, Georgios Georgiadis and Ben Schumann use data from 1990 to 2019. They estimate two-country vector autoregressive models to simulate the US and the rest of the world.

The authors calculate “the impulse responses of US

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