Zinswende in den USA — Fluch oder Segen für die Konjunktur im Euroraum?
Turnaround in the U.S. monetary policy — A curse or a blessing for the euro area’s economy
While the U.S. and the U.K. are likely to experience an interest rate turnaround in the near future, monetary conditions in the euro area will remain highly accommodative for a long time. The qualitative and quantitative effects of diverging monetary positions between major central banks are expected to have highly heterogeneous effects across the euro area. Thus, the reassessment of international monetary policy transmission mechanism seems relevant and timely. Simulations with the RWI-Multi Country Model quantify the effects of the interest rate hike in the U.S. and in the U.K. on domestic and eurozone economies along with the impact of the depreciation of the euro as a consequence of the recent ECB’s quantitative easing move.
Rujin, S. and T. Schmidt (2015), Zinswende in den USA — Fluch oder Segen für die Konjunktur im Euroraum?: Turnaround in the U.S. monetary policy — A curse or a blessing for the euro area’s economy. Wirtschaftsdienst, 95, 3, 186-191