What I found:
- Negative effect in ALL countries
- Flexible FX rates and capital controls provide no short-run insulation!
A high frequency evidence for @helene_rey's global financial cycle: it's a dilemma, not a trilemma!
Paper ⬇️
papers.ssrn.com/sol3/papers....
papers.ssrn.com
The Immediate Global Impact of US Monetary Policy
We measure international monetary policy spillovers using US-traded country ETFs, which provide real-time price discovery for foreign equity markets during Fede