02044cas a2200265 a 4500 AALejournalIMF014902 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498380423 1018-5941 BD-DhAAL BD-DhAAL Chen, Jiaqian. Spillovers from United States Monetary Policy on Emerging Markets : Different This Time? / Jiaqian Chen, Tommaso Mancini Griffoli, Ratna Sahay. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (30 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The impact of monetary policy in large advanced countries on emerging market economies-dubbed spillovers-is hotly debated in global and national policy circles. When the U.S. resorted to unconventional monetary policy, spillovers on asset prices and capital flows were significant, though remained smaller in countries with better fundamentals. This was not because monetary policy shocks changed (in size, sign or impact on stance). In fact, the traditional signaling channel of monetary policy continued to play the leading role in transmitting shocks, relative to other channels, affecting longer-term bond yields. Instead, we find that larger spillovers stem more from structural factors, such as the use of new instruments (asset purchases). We obtain these results by developing a new methodology to extract, separate, and interpret U.S. monetary policy shocks. Mode of access: Internet Mancini Griffoli, Tommaso. Sahay, Ratna. IMF Working Papers; Working Paper ; No. 2014/240 Full text available on IMF http://elibrary.imf.org/view/journals/001/2014/240/001.2014.issue-240-en.xml IMF e-Library