Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
This paper compares the international transmission of European Central Bank (ECB) and Federal Reserve System (Fed) monetary policy in a unified framework, identifying pure monetary policy shocks purged of bias from central bank information effects. The estimates reveal a stark asymmetry in the global spillovers from ECB and Fed monetary policy: Fed monetary policy shocks have a significant impact on euro-area financial conditions and real activity, while ECB monetary policy shocks do not have a similar effect on the United States. Fed monetary policy shocks also affect real and financial variables in the rest of the world more than ECB monetary policy shocks.