equity flows. Tighter global or EME-specific policy entails divergent responses of growth and inflation in EMEs: in … particular, the output loss is greater in those EMEs with higher inflation. When US monetary policy tightens, bond and equity …

identified monetary policy shock is then put into country-specific local projections in order to derive country-specific impulse …

estimate this over-identified VAR model, I find that the policy shock transmits to real output through both the interest rate … and exchange rate channels, and the shock does not induce a departure from uncovered interest rate parity. I also find …. Finally, I find that Canadian variables significantly responds to the US federal funds rate shock, and external shocks are an …