U.S. Monetary Policy and the Global Financial Cycle
研究发现美国货币紧缩会引发全球金融变量联动，导致风险资产价格下跌、金融中介去杠杆、国际信贷收缩，浮动汇率国家也难逃溢出效应。
Abstract U.S. monetary policy shocks induce comovements in the international financial variables that characterize the “Global Financial Cycle.” A single global factor that explains an important share of the variation of risky asset prices around the world decreases significantly after a U.S. monetary tightening. Monetary contractions in the US lead to significant deleveraging of global financial intermediaries, a decline in the provision of domestic credit globally, strong retrenchments of international credit flows, and tightening of foreign financial conditions. Countries with floating exchange rate regimes are subject to similar financial spillovers.