NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Silvia Miranda-Agrippino

Bank of England
Threadneedle Street
London EC2R 8AH
UNITED KINGDOM

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NBER Working Papers and Publications

November 2015US Monetary Policy and the Global Financial Cycle
with Hélène Rey: w21722
We analyze the workings of the “Global Financial Cycle.” We study the effects of monetary policy of the United States, the center country of the international monetary system, on the joint dynamics of the domestic business cycle and international financial variables such as global credit growth, cross-border credit flows, global banks leverage and risky asset prices. One global factor, driven in part by US monetary policy, explains an important share of the variance of returns of risky assets around the world. We find evidence of large financial spillovers from the hegemon to the rest of the world.
 
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