Fed paper examines financial spillovers of US monetary policy


US monetary policy does spill over to other countries via financial channels, but the effects differ depending on whether policy changes are conventional or unconventional, according to a working paper published by the US Federal Reserve Board.

US monetary policy and international bond markets, by Simon Gilchrist, Vivian Yue and Egon Zakrajsek, draws on high-frequency data on US Treasury yields in the brief period around policy decisions to capture unanticipated movements in policy.


Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: