Di Giovanni, Julian; Hale, Galina - 2020
We quantify the role of global production linkages in explaining spillovers of U.S. monetary policy shocks to stock …. We find that up to 80 percent of the total impact of U.S. monetary policy shocks on average country-sector stock returns … is due to the network effect of global production linkages. We further show that U.S. monetary policy shocks have a …