Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)

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The Spillover Effects of U.S. Monetary Policy on Global Economy

Authors
Siyuan Geng1, *, Chenxiao Lu2, Qianyi Zhang3
1Keio University, Tokyo 1088345, Japan
2College of Civil Engineering and Architecture, Zhejiang University, Hangzhou, Zhejiang 310058, China
3College of Foreign Language and Literature, Fudan University,Shanghai,200433,China
*Corresponding author. Email: gengsiyuan0329@gmail.com
Corresponding Author
Siyuan Geng
Available Online 15 December 2021.
DOI
10.2991/assehr.k.211209.280How to use a DOI?
Keywords
U.S Monetary Policy; Spillover Effects; VAR model
Abstract

This paper uses VAR model and select total assets of Federal Reserve, CPI, total manufacturing/industrial production, REER (real broad effective exchange rate adjusted by relative consumer prices), net exports and 3-month interbank rate as indicators to measure the impact of the US monetary policy on China, Japan, EU Area and Canada. There are several key findings. Firstly, US monetary policy shock has spillover effects on the national production, consuming price and central bank action. Secondly, the change of the value of US dollar does not have significant effect on exchange rate for China, EU Area and Japan due to the adoption of flexible exchange rate, while there is significant change in Canada. Thirdly, the monetary policy shock from US is not transmitted to national trade. Finally, the decline of real effective exchange rate in the short-run shows the increasing external competitiveness.

Copyright
© 2021 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
Series
Advances in Economics, Business and Management Research
Publication Date
15 December 2021
ISBN
978-94-6239-483-4
ISSN
2352-5428
DOI
10.2991/assehr.k.211209.280How to use a DOI?
Copyright
© 2021 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

Cite this article

risenwbib
TY  - CONF
AU  - Siyuan Geng
AU  - Chenxiao Lu
AU  - Qianyi Zhang
PY  - 2021
DA  - 2021/12/15
TI  - The Spillover Effects of U.S. Monetary Policy on Global Economy
BT  - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
PB  - Atlantis Press
SP  - 1739
EP  - 1743
SN  - 2352-5428
UR  - https://doi.org/10.2991/assehr.k.211209.280
DO  - 10.2991/assehr.k.211209.280
ID  - Geng2021
ER  -