ECB paper studies impact of Fed surprises on other countries

Federal Reserve
The Federal Reserve, Washington, DC

A working paper published by the European Central Bank examines the effect of unexpected monetary tightening by the US Federal Reserve on a range of economies.

In If the Fed sneezes, who catches a cold? Luca Dedola, Giulia Rivolta and Livio Stracca look at data covering a wide range of variables from 36 economies, in both developed and emerging markets. In most countries, the authors find, “a surprise US monetary tightening leads to depreciation against the dollar”, which in turn leads to a

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