ECB policy affects Eastern European economies – Bank of Italy paper

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Economies outside the eurozone, especially in Eastern Europe, are affected by changes in the European Central Bank’s monetary policies, a working paper published by the Bank of Italy finds.

In Do the ECB’s monetary policies benefit emerging market economies?, Andrea Colabella constructs a global vectorial autoregressive model to measure spillovers from the eurozone.

Colabella looks at data from 2004, before the ECB adopted quantitative easing policies, to 2016. He uses the “shadow interest

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