Silvia Miranda-Agrippino

Bank of England
Threadneedle Street
London, EC2R 8AH, UK

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Institutional Affiliation: Bank of England

NBER Working Papers and Publications

November 2015US Monetary Policy and the Global Financial Cycle
with Hélène Rey: w21722
US monetary policy shocks induce comovements in the international financial variables that characterize the “Global Financial Cycle.” One global factor explaining an important share of the variation of risky asset prices around the world decreases significantly after a US monetary contraction. Monetary tightening in the US leads to significant deleveraging of global financial intermediaries, a decline in the provision of domestic credit globally, strong retrenchments of international credit flows, and tightening of foreign financial conditions. Countries with floating exchange rate regimes are subject to similar financial spillovers.

National Bureau of Economic Research
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