This is our second event in the T3M series (preliminary program here).
Meeting Point: gt.t2m.network on March 29th at 1:30pm
Schedule (Paris Time)
|13h30||Social Gathering (Gather Town)|
|14h00-15h00||Seminar: Giovanni Ricco|
Giovanni Ricco will present his paper: The Global Transmission of U.S. Monetary Policy Joint with Riccardo Degasperi and Seokki Simon Hong
We quantify global US monetary policy spillovers by employing a high-frequency identification and big data techniques, in conjunction with a large harmonised dataset covering 30 economies. We report three novel stylised facts. First, a US monetary policy tightening has large contractionary effects onto both advanced and emerging economies. Second, flexible exchange rates cannot fully insulate domestic economies, due to movements in risk premia that limit central banks’ ability to control the yield curve. Third, financial channels dominate over demand and exchange rate channels in the transmission to real variables, while the transmission via oil and commodity prices determines nominal spillovers.