A comparative assessment of the spillovers of US monetary policy shocks and its mitigation

被引：0

作者：

Rohit, Abhishek ^{[1
]}

Dash, Pradyumna ^{[2
]}

Rao, D. Tripati ^{[3
]}

机构：

[1] TA Pai Management Inst, Accounting Econ & Finance Area, Manipal, Karnataka, India

[2] Indian Inst Management Raipur, Dept Econ & Business Environm, Raipur, Madhya Pradesh, India

[3] Indian Inst Management Lucknow, Business Environm Area, Lucknow, Uttar Pradesh, India

来源：

ECONOMICS LETTERS | 2020年 / 197卷

关键词：

Trilemma; Macroprudential policy; Monetary policy surprises; Monetary autonomy; Local projections; TRANSMISSION;

D O I：

10.1016/j.econlet.2020.109623

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We conduct a comparative assessment of the spillovers of three types of Fed's monetary policy surprises, i.e., Fed funds rate (FFR), Forward guidance (FG), and Large-scale asset purchases (LSAP) on monetary autonomy in the periphery economies (PEs). We find these shocks to be significant in causing loss of monetary autonomy in the PEs. We also find that the macroprudential tools mitigate the degree of such impairment. This holds for two types of macroprudential policies, i.e., borrowertargeted and financial institutions-targeted. We find both of them to be most effective against the FFR shocks. Comparing the macroprudential tools, we find the financial institutions-targeted tools to be more effective than the borrower-targeted ones in mitigating the degree of impairment against all types of Fed shocks. (C) 2020 Elsevier B.V. All rights reserved.

引用

页数：5