Di Giovanni, Julian; Rogers, John H. - 2022 - Revised December 2022
This paper uses cross-country firm-level data to explore the impact of U.S. monetary policy shocks on firms' sales …, investment, and employment. We estimate a sizeable impact of U.S. monetary policy on the average foreign firm, while controlling … global production linkages amplify the impact of U.S. monetary policy at the firm level. We then show that the impact varies …