Bengui and Coulibaly ask whether the pattern of capital flows observed during the 2021–2023 global monetary tightening cycle — whereby capital flowed from low-inflation to high-inflation countries — …
PublishedClassicReview of International EconomicsOnline 23 Jan 2021Published May 2021
Economic policy uncertainty depresses growth in output, consumption and investment -- and about two-thirds of that effect comes from uncertainty originating in other countries rather than at home. …
PublishedJournal of Monetary EconomicsPublished Sep 2025
Sanctions are increasingly used as an instrument of economic statecraft, yet their macroeconomic consequences—especially the transitional dynamics and their effects on business cycles—are poorly …
In a heterogeneous-agent New Keynesian model of an energy-importing small open economy, realistically high MPCs combined with a realistically low elasticity of substitution between energy and other …
PublishedClassicReview of Financial StudiesOnline 7 Apr 2020Published Feb 2021
Identifying US monetary policy shocks from daily moves in five-year Treasury futures around FOMC announcements, this paper shows that during the unconventional-policy years those shocks largely …
PublishedClassicIMF Economic ReviewOnline 14 Feb 2020Published Mar 2020
US monetary tightening raises the probability of a banking crisis abroad, but only where the exposure to the United States is direct -- heavy bilateral trade or large dollar-denominated liabilities. …
PublishedClassicReview of Economic StudiesOnline 8 May 2020Published Nov 2020
A single global factor extracted from a large panel of risky asset prices traded around the world falls sharply after a US monetary contraction, alongside deleveraging by global banks, a rise in …
PublishedJournal of Monetary EconomicsOnline 1 Jun 2026Published Jul 2026
The paper asks why unconventional monetary policy (UMP) spillovers from the European Central Bank (ECB) to the U.S. Treasury yield curve vary so substantially over time, and whether the time-varying …