Monetary policy announcements in the eurozone have considerable effects on the US economy, a working paper published by the European Central Bank says.

But these effects have not taken the form that some previous economists have hypothesised, Marek Jarociński argues in Central bank information effects and transatlantic spillovers.

Jarociński uses both event studies and vector autoregressions to study the transatlantic effects of policy announcements by the Federal Reserve and the European