• Abstract
  • Non-technical summary
  • 1 Introduction
  • 2 Data
  • 3 Empirical model and benchmark results
  • 4 Transmission channels and US shocks
  • 4.1 The time-varying effect of US shockson exchange rates
  • 4.2 Transmission channels of US shocksto exchange rates during the crisis
  • 5 Conclusions
  • References
  • Tables and fi gures
  • European Central Bank Working Paper Series