Remittance flows and US monetary policy

被引:0
作者
Machasio, Immaculate [1 ]
Tillmann, Peter [2 ]
机构
[1] World Bank Grp, Washington, DC USA
[2] Justus Liebig Univ Giessen, Giessen, Germany
关键词
Remittances; Migration; Business cycle; Monetary policy; Spillovers; BUSINESS CYCLES; IMPACT;
D O I
10.1007/s10290-022-00478-x
中图分类号
F [经济];
学科分类号
02 ;
摘要
Remittance inflows are driven by macroeconomic conditions in the home and the host economies, respectively. In this paper, we study the effect of US monetary policy on remittance flows into economies in Latin American and the Caribbean. The role of Fed policy for remittances has not yet been studied. We estimate a series of panel local projections for remittance inflows into eight countries. A surprise change in US monetary conditions has a strong and highly significant negative effect on inflows. Our finding remains robust if we change the sample period or include additional variables. Hence, our paper establishes a remittance-channel through which the Fed affects the business cycle abroad.
引用
收藏
页码:545 / 561
页数:17
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