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US Monetary Policy and the Global Financial Cycle
[report]
2015
unpublished
We analyze the workings of the "Global Financial Cycle." We study the effects of monetary policy of the United States, the center country of the international monetary system, on the joint dynamics of the domestic business cycle and international financial variables such as global credit growth, cross-border credit flows, global banks leverage and risky asset prices. One global factor, driven in part by US monetary policy, explains an important share of the variance of returns of risky assets
doi:10.3386/w21722
fatcat:zskdrjxgujefdoj4476bxnlcse