What Goes Around Comes Around: How Large Are Spillbacks From US Monetary Policy?
Abstract
We quantify spillbacks from US monetary policy based on structural scenario analysis and minimum relative entropy methods applied in a Bayesian proxy structural vector-autoregressive model for the time period from 1990 to 2019. We find that spillbacks account for up to half of the overall slowdown in domestic real activity in response to a contractionary US monetary policy shock. Moreover, spillbacks materialise as stock market wealth effects...
Paper Details
Title
What Goes Around Comes Around: How Large Are Spillbacks From US Monetary Policy?
Published Date
Jan 1, 2021
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