Možnosti vyhledávání
Home Média ECB vysvětluje Výzkum a publikace Statistika Měnová politika Euro Platební systémy a trhy Kariéra
Návrhy
Třídit podle
V češtině není k dispozici.

Erik Andres Escayola

International & European Relations

Division

External Developments

Current Position

Analyst

Fields of interest

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

Email

erik.andres_escayola@ecb.europa.eu

Education
2017-2020

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

2012-2017

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

Professional experience
2021-2023

Research Analyst, External Developments Division, European Central Bank

2019-2021

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

30 March 2023
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 2, 2023
Details
Abstract
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
2023
Latin American Journal of Central Banking
  • Andres-Escayola, E., Berganza, J.C., Campos, R.G., Molina, L.
2022
Banco de España Working Paper
  • Andres-Escayola, E., Ghirelli, C., Molina, L., Pérez, J.J., Vidal, E.