Equal Size, Equal Role? Interest Rate Interdependence Between the Euro area and the United States
研究欧洲货币联盟成立后，美国和欧元区之间利率相互依存度的变化，发现货币市场相互依存度显著增强，美国市场开始对欧元区发展做出反应。
This article investigates whether the degree of interdependence between the US and the euro area has changed with EMU by analysing the effects of monetary policy and macroeconomic news on daily interest rates in the two economies. The article finds a strongly increased interdependence of money markets around EMU. Spillover effects from the US to the euro area remain stronger than in the opposite direction, but US markets have started reacting to euro area developments. In recent years certain US macroeconomic news affect euro area money markets and have become good leading indicators for the euro area. Copyright 2005 Royal Economic Society.