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January 23, 2026International Finance

International Spillovers of Conventional Versus Unconventional US Monetary Policy

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Authors

DYDemet YilmazkudayFlorida International University

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Overview

The study investigates how US monetary policy affects global economies, indicating varying impacts based on financial characteristics.

Key Points

  • This research aims to explore how conventional and unconventional US monetary policy affects other countries differently.
  • Analyzed 44 countries using structural vector autoregressions to gauge US monetary policy shocks.
  • Conducted cross-country regressions to determine what factors affect the spillover effects of US monetary policy.
  • Conventional policy mainly affects countries through trade-based channels, influenced by global value chain involvement.
  • Unconventional policy affects countries primarily through financial channels, significantly impacted by financial openness.
  • Conventional tightening typically leads to currency appreciation, while unconventional tightening results in currency depreciation.

Cite This Study

Demet Yilmazkuday (2026) studied this question.

synapsesocial.com/papers/69730fe2c8125b09b0d1fa4bhttps://doi.org/10.1111/infi.70022
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