The Federal Reserve building
A working paper published by the European Central Bank investigates how spillovers from Federal Reserve to foreign countries cause “spillbacks” that affect the US economy.
In What goes around comes around: how large are spillbacks from US monetary policy? Max Breitenlechner, Georgios Georgiadis and Ben Schumann use data from 1990 to 2019. They estimate two-country vector autoregressive models to simulate the US and the rest of the world.
The authors calculate “the impulse responses of US
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