Monetary Policy Spillovers in the Global Economy (opens in new tab)

Understanding cross-border interdependencies and inspecting the international transmission mechanism of policy shocks is the raison d'être of open-economy macroeconomics as an intellectual discipline. The relevance for the policy debate is pervasive: over and over in the history of the international monetary system national policymakers have pointed at—and voiced concerns about—the effects of policy actions undertaken in foreign countries on the outlook and financial conditions in their own d...