This paper examines the sign-dependent international spillovers of Federal Reserve and European Central Bank monetary policy shocks. Using a consistent high-frequency identification of pure monetary policy shocks across 44 advanced and non-advanced economies and the methodology of Caravello and Martinez-Bruera, 2024, we document strong asymmetries in international transmission. Linear specifications mask these effects: contractionary shocks generate large and significant deteriorations in financial conditions, economic activity, and international trade abroad, while expansionary shocks yield little to no measurable improvement. Our results are robust across samples, identification strategies, and the framework proposed by Ben Zeev et al., 2023.
Financial Inclusion and Monetary Policy: A Study on the Relationship between Financial Inclusion and Effectiveness of Monetary Policy in Developing Countries
Is Bitcoin A Hedge Against Central Banking? Evidence from AI-Driven Monetary Policy Expectations
University College London（伦敦大学学院）；Institute of Finance & Technology, University College London（伦敦大学学院金融与技术研究所）；Department of Arts and Sciences, University College London（伦敦大学学院艺术与科学系）；Centre for Blockchain Technologies, University College London（伦敦大学学院区块链技术中心）；Deutsche Bank AG, London, UK（德意志银行股份有限公司）；Department of Computer Science, University College London（伦敦大学学院计算机科学系）
Stability Anchors and Risk Amplifiers: Tail Spillovers Across Stablecoin Designs
Cambridge Centre for Alternative Finance, Judge Business SchoolUniversity of Cambridge（剑桥大学贾奇商学院替代金融中心）；Peking University HSBC Business School（北京大学汇丰商学院）
Symmetric thermal optimal path and time-dependent lead-lag relationship: Novel statistical tests and application to UK and US real-estate and monetary policies
East China University of Science and Technology（华东理工大学）；ETH Zurich（苏黎世联邦理工学院）；University of Geneva（日内瓦大学）
