This paper evaluates the literature on international unconventional monetary policies
(UMPs). Introducing market segmentation, limits-to-arbitrage, and time-consistent policy in …

Abstract In November 2008, the Federal Reserve faced a deteriorating economy and a
financial crisis. The federal funds rate had already been reduced to virtually zero. Thus, the …

Spillover effects of US uncertainty shocks are studied in a panel VAR of fifteen emerging
market economies (EMEs). A US uncertainty shock negatively affects EME stock prices and …

Due to the global economy that is currently being increasingly integrated and liberalized, the
cross-country transmission of US monetary policy surprises has become a critical issue …

We compare the findings of central bank researchers and academic economists regarding
the macroeconomic effects of quantitative easing (QE). We find that central bank papers find …

We estimate the effects of quantitative easing (QE) measures by the ECB and the Federal
Reserve on the US dollar-euro exchange rate at frequencies and horizons relevant for …

Abstract The US Federal Reserve has been using quantitative easing as an unconventional
monetary policy tool for providing liquidity and credit-market facilities to banks, and …

This paper develops a two-country model with asset market segmentation to investigate the
effects of quantitative easing implemented by the major central banks on a typical small …

This paper evaluates the international spillover effects of large-scale asset purchases
(LSAPs) using an estimated two-country dynamic stochastic general-equilibrium model with …

We estimate spillovers from US monetary policy for different measures in the Federal
Reserve's toolkit. We make use of novel measures of exogenous variation in conventional …