ECB paper attempts to measure spillovers from Fed policy
Authors use asset price data to estimate global effects of FOMC moves
A working paper published by the European Central Bank uses a new method to quantify international spillovers from the Federal Reserve’s monetary policy.
In Global spillovers from multidimensional US monetary policy, Georgios Georgiadis and Marek Jarociński use data on the movements of high-frequency asset prices.
They use this to estimate the spillovers caused by different monetary policy measures used by the Federal Open Market Committee. The paper looks at the differing effects of the FOMC’s
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