-makers, since it leads to an unequal transmission of the ECB’s monetary policy to the various countries. … tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in … identification. The paper finds that euro area government bond markets were well integrated prior to the crisis, but saw a …

The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and … balance by 1% of GDP, and explaining about 20-25% of their time variation. Monetary policy easing causes positive returns to … both equities and bonds. Yet such a monetary policy easing shock also induces a shift in portfolio composition out of …

policy spillovers, but rather that responses to Fed policies are related to country risk. The results thus illustrate how US …The paper analyses the global spillovers of the Federal Reserve’s unconventional monetary policy measures since 2007 … lowering sovereign yields and raising equity markets in the US and globally across 65 countries. Yet Fed policies functioned in …