Cloyne, James S.; Hürtgen, Patrick; Taylor, Alan M. - 2022
monetary contraction. But given Germany's central role in the European Monetary System (EMS), we can also shed light on debates … global cycle during these years. We find that Bundesbank policy spillovers were much stronger in major EMS economies with … Deutschmark pegs than in non-EMS economies with floating exchange rates. Furthermore, compared to monetary spillovers from the U …