domestic shocks affect the rest of the world, and how policy actions mitigate or amplify spillovers. For policy analysis in …

Financial globalisation and spillovers have gained immense prominence over the last two decades. Yet, powerful cross … contamination is more severe for economies that are more susceptible to financial spillovers in the data; and the shock estimates … imply implausibly similar estimates of the global output spillovers from monetary policy in the US and the euro area. None …

-currency pricing (PCP) and local-currency pricing (LCP). In the model, under DCP the output spillovers from shocks that appreciate the … prediction from DCP the output spillovers from US dollar appreciation correlate negatively with recipient economies' export …

affects in particular the role of expenditure-switching and the US dollar exchange rate for spillovers: In case of a shock in … dominant currency in global trade. According to ECB-Global, in such a scenario the global spillovers from US shocks are smaller …

affects in particular the role of expenditure switching and the US dollar exchange rate for spillovers: In case of a shock in … dominant currency in global trade. According to ECB-Global, in such a scenario the global spillovers from US shocks are smaller …

global spillovers from a US monetary policy tightening, a drop in oil prices and a growth slowdown in China. The impulse … responses implied by ECB-Global are well in line with those generated by other global models, with international spillovers in …