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Archive for May 11th, 2023
Global monetary and financial spillovers: Evidence from a new measure of Bundesbank policy shocks
May 11, 2023There is a lively debate about the international transmission of monetary policy, the role of the exchange rate regime, and the role of different central banks for the global cycle. This column sheds new light on these issues, focusing on the European Monetary System between 1979 to 1998. It shows that Bundesbank policy spillovers were much stronger in major economies in the European Monetary System with Deutschmark pegs than in economies outside the system with floating exchange rates. Furthermore, compared to monetary spillovers from the US, German spillovers were comparable or even larger in magnitude for both pegs and floats.
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