FEDS Note: How Resilient Were Emerging Market Economies Through the 2022-23 U.S. Monetary Tightening Cycle?

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Shaghil Ahmed , Ozge Akinci, and Albert Queralto The cross-border spillover effects of shifts in U.S. monetary policy have long been a focus of academics and policymakers alike. A common finding in the literature is that changes in the stance of U.S. monetary policy have sizable effects on economic activity and…