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External Shocks, U.S. Monetary Policy and Macroeconomic Fluctuations in Emerging Markets

Опубликовано на портале: 17-12-2007
Journal of Monetary Economics. 2007.  Vol. 54. No. 8. P. 2512-2520. 
Estimated structural VARs show that external shocks are an important source of macroeconomic fluctuations in emerging markets. Furthermore, U.S. monetary policy shocks affect interest rates and the exchange rate in a typical emerging market quickly and strongly. The price level and real output in a typical emerging market respond to U.S. monetary policy shocks by more than the price level and real output in the U.S. itself. These findings are consistent with the idea that “when the U.S. sneezes, emerging markets catch a cold.” At the same time, U.S. monetary policy shocks are not important for emerging markets relative to other kinds of external shocks.

Аннотация статьи представлена на сайте ScienceDirect. Полный текст статьи находится в закрытом доступе

Препринт (полный текст) статьи размещен на сайте Humboldt University (Berlin) и на сайте School of Business and Economics (Humboldt University,Berlin)
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