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' Evaluating asset-market effects of unconventional monetary policy: a multi-country review ,'Įconomic Policy, CEPR CES MSH, vol. ' Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates,'Ģ0486, National Bureau of Economic Research, Inc. ' Measuring the effect of the zero lower bound on medium- and longer-term interest rates,'Ģ012-02, Federal Reserve Bank of San Francisco. Marco Del Negro & Marc Giannoni & Christina Patterson, 2012.Review of International Economics, Wiley Blackwell, vol. ' An Illustrated User Guide to the World Input–Output Database: the Case of Global Automotive Production,' Timmer & Erik Dietzenbacher & Bart Los & Robert Stehrer & Gaaitzen J. ' The effects of conventional and unconventional monetary policy on exchange rates,'ġ639, Department of Economics and Business, Universitat Pompeu Fabra.ġ078, Barcelona Graduate School of Economics. ' The Effects of Conventional and Unconventional Monetary Policy on Exchange Rates,'Ģ5021, National Bureau of Economic Research, Inc. Also, shocks to expectations can have real domestic effects with international consequences. This implies that monetary policy is generally not hindered in affecting the real economy by the zero lower bound. Moreover, we find that effects are stronger during the period of the global financial crisis, which is particularly true for the FG shock. Our results show that both shocks lead to considerable international effects on output growth, inflation and equity returns. To address potential time variation, we use a fully flexible approach that allows to handle both drifts in residual variances and the structural coefficients. We identify the forward guidance shock via a combination of zero and sign restrictions that use the relationship between expectations and observed data and additionally draw on insights from recent event studies using high‐frequency data. In this paper, we investigate the international effects of euro rate forward guidance (FG) and compare them to spillovers from a conventional monetary policy shock (MP).

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