Czech paper finds mixed evidence of spillovers from ECB unconventional policies
Unconventional policy may not spill over as much as previously thought
Monetary policy at the European Central Bank (ECB) spills over to countries outside the eurozone, but the spillovers are varied, according to a working paper published by the Czech National Bank.
In Spillover of the ECB's monetary policy outside the euro area, authors Oxana Babecká Kucharčuková, Peter Claeys and Bořek Vašíček take six European, non-eurozone countries and test them on the basis of a dynamic factor model, for both conventional interest rate changes, and unconventional policies.
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