ECB policy affects Eastern European economies – Bank of Italy paper
Researcher uses “shadow interest rate” methodology to measure monetary policy spillovers
Economies outside the eurozone, especially in Eastern Europe, are affected by changes in the European Central Bank’s monetary policies, a working paper published by the Bank of Italy finds.
In Do the ECB’s monetary policies benefit emerging market economies?, Andrea Colabella constructs a global vectorial autoregressive model to measure spillovers from the eurozone.
Colabella looks at data from 2004, before the ECB adopted quantitative easing policies, to 2016. He uses the “shadow interest
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