We present a simple monetary model (with sticky prices) to highlight spillovers to output gaps. We then show using a sequence of nonstructural VARs and a Global VAR, the effects of monetary policies measured using short-term interest rates and money base stocks. We conclude that money base...

This paper reviews the special issue “Policy Implications of and Lessons from the Global Financial Crisis,” and its themes: Global liquidity and the use of international reserves; real and financial economic patterns before and during the global financial crisis.

We contribute to the literature on the international transmission of balance sheet shocks that pummeled the banks of the industrialized countries in 2008 and 2009. We examine over time bank level data on over 21,000 banks located around the world. Our identification strategy relies on the...