This paper studies how U.S. monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in U.S. interest rate policy, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for...

The pandemic-induced lockdowns and the global recession of 2020 that followed have created a highly uncertain global outlook. Globalization is stalling, social cohesion is being eroded by unrest and political polarization, and the still-unfolding economic crisis is threatening the livelihoods of...