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Erik Andres Escayola

International & European Relations


External Developments

Current Position


Fields of interest

International Economics,Macroeconomics and Monetary Economics,Mathematical and Quantitative Methods



M.Sc. in Economics, University of Mannheim, Germany


B.A. in Economics, University of Barcelona, Spain

Professional experience

Research Analyst, External Developments Division, European Central Bank


Research Assistant, International Economics and Euro Area Department, Banco de España

30 March 2023
Economic Bulletin Issue 2, 2023
This box studies the impact that the Federal Reserve’s tightening of monetary policy has on emerging market economies (EMEs) and analyses the factors shaping those spillovers. We use a local projections empirical framework to examine the ways in which EMEs’ macroeconomic and macro-financial variables respond to US monetary policy shocks identified at high frequency. In line with academic literature, our baseline results show that a surprise tightening of US monetary policy is associated with immediate tightening of EMEs’ financial conditions, after which industrial production and inflation decline, with that effect peaking after around 18 months. We find that heterogeneity across EMEs is shaped by macro-financial vulnerabilities and monetary policy actions at the national level: domestic macro-financial vulnerabilities clearly matter, amplifying EMEs’ sensitivity to US monetary policy shocks, while maintaining a prudent monetary policy stance helps EMEs to mitigate spillovers from US monetary policy.
JEL Code
C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
Latin American Journal of Central Banking
  • Andres-Escayola, E., Berganza, J.C., Campos, R.G., Molina, L.
Banco de España Working Paper
  • Andres-Escayola, E., Ghirelli, C., Molina, L., Pérez, J.J., Vidal, E.