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Carolina Osorio Buitron and Mr. Esteban Vesperoni

Overview Given the prospects of asynchronous monetary conditions in the United States and the euro area, this note analyzes spillovers between these two economies, as well as the implications of asynchronicity for spillovers to other advanced economies and emerging markets. Through a structural vector autoregression analysis, country-specific shocks to economic activity and monetary conditions since the early 1990s are identified. The empirical findings suggest that real and monetary conditions in the United States and the euro area have oftentimes been