-economy production network model that delivers a spillover pattern consistent with a spatial autoregression (SAR) process. We use the SAR … model to decompose the overall impact of U.S. monetary policy on global stock returns into a direct and a network effect. We … network effect of global production linkages. Our results are robust to changes in the definitions of stock returns and …

-order network effects. Second, the paper investigates the link between the network structure and the transmission of monetary policy …. Industries located in the periphery of the production network react the most to policy shocks, whereas central industries are … effect of network connections outside of the Euro-area and finds that the response to monetary policy shocks is considerably …