ECB paper examines largest currency areas’ policy spillovers

Researchers study how foreign monetary policy shocks affect US, eurozone and Japan

The European Central Bank
Annabel Jeffery

A working paper published by the European Central Bank examines the interaction between the monetary policy of the world’s three largest currency areas. 

In Risk, monetary policy and asset prices in a global world, Geert Bekaert, Marie Hoerova, and Nancy Xu look at the US, the eurozone and Japan. The authors study how shocks to monetary policy and risk in each of those three areas affect asset prices and risk measures in the others. 

They differentiate between traditional monetary policy shocks

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