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Please use this identifier to cite or link to this item: http://hdl.handle.net/2108/312

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contributor.authorSousa, Joao Miguel-
contributor.authorZaghini, Andrea-
date.accessioned2007-03-05T11:14:27Z-
date.available2007-03-05T11:14:27Z-
date.issued2007-02-
identifier.urihttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=962490-
identifier.urihttp://hdl.handle.net/2108/312-
description.abstractThe paper constructs a global monetary aggregate, namely the sum of the key monetary aggregates of the G5 economies (US, Euro area, Japan, UK, and Canada), and analyses its indicator properties for global output and inflation. Using a structural VAR approach we find that after a monetary policy shock output declines temporarily, with the downward effect reaching a peak within the second year, and the global monetary aggregate drops significantly. In addition, the price level rises permanently in response to a positive shock to the global liquidity aggregate. The similarity of our results with those found in country studies might supports the use of a global monetary aggregate as a summary measure of worldwide monetary trends.en
format.extent472577 bytes-
format.mimetypeapplication/pdf-
language.isoenen
publisherCEISen
relation.ispartofseriesCEIS Tor Vergata Research Paper; 93en
subjectmonetary policyen
subjectstructural VARen
subjectglobal economyen
titleGlobal monetary policy shocks in the G5: a SVAR approachen
typeArticleen
subject.jelE52; Monetary policy (targets, instruments, and effects)en
subject.jelF01; International economics. Global outlooken
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