We build a new empirical model to estimate the global impact of an increase in the volatility of US monetary policy … setting, we find that US interest rate uncertainty not only drives local output and in ation volatility, but also causes … very synchronous way. Crucially, spillback effects are found to be significant even for the US economy. …

are generally driven by US shocks. But their impact is modest for most countries. The global financial cycle is also much …