I analyze spillover effects from Euro area monetary policy shocks to thirteen EU countries outside the Euro area, i.e., ten countries from Central and Eastern Europe (CEE) and three Western EU members. The analysis is based on a FAVAR model with two blocks which exploits a large cross-country...

We study the transmission channels through which shocks affect the global economy and the crosscountry comovement of real economic activity. For this purpose, we collect detailed data on international trade and financial linkages as well as domestic macro and financial variables for a large set...

In this paper, we test the bank lending channel of monetary policy transmission in Sweden. Using a panel of bank balance sheet data covering the period 1998:M1 to 2003:M6, we test for bank loan supply shifts by segregating banks by asset size, liquidity and capitalization. The main result is...

In this paper, we test the bank lending channel of monetary policy transmission in Sweden. Using a panel of bank balance sheet data covering the period 1998:M1 to 2003:M6, we test for bank loan supply shifts by segregating banks by asset size, liquidity and capitalization. The main result is...

To determine the relative importance of both the domestic and external influences on monetary policy formulation, this paper constructs a broad monetary conditions index for Nigeria. It brings together the three key channels of monetary transmission, namely interest rate, exchange rate and...

This paper investigates the effects of unconventional monetary policy in Canada. We use recently proposed methods to construct a shadow interest rate that captures monetary policy at the zero lower bound (ZLB) and estimate a small open economy Bayesian structural vector autoregressive (B-SVAR)...

The U.S. Federal Reserve responded to the great recession by reducing policy rates to the effective lower bound. In order to provide further monetary stimulus, they subsequently conducted large-scale asset purchases, quadrupling their balance sheet in the process. We assess the international...

This paper estimates and compares the international transmission of European Central Bank (ECB) and Federal Reserve System monetary policy in a unified and methodologically consistent framework. It identifies pure monetary policy shocks by purging them of the bias stemming from contemporaneous...

We explore the impact of low and negative monetary policy rates in core world economies on bank lending in four small open economies - Canada, Chile, the Czech Republic and Norway - using confidential bank-level data. Our results show that the impact on lending in these small open economies...

We explore the impact of low and negative monetary policy rates in core world economies on bank lending in four small open economies-Canada, Chile, the Czech Republic and Norway- using confidential bank-level data. Our results show that the impact on lending in these small open economies depends...