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This study explores cross-country variations in the size of the effects of a monetary policy shock on output using the sample of 48 developed and developing countries. The structural vector autoregression model is used to estimate monetary policy effects for each country separately. Based on the estimated impulse responses, we construct a measure of the short-run monetary policy effect on output, which is used as the dependent variable in a cross-country regression. Our results suggest that the effects of monetary policy shock on output are significantly influenced by trade openness, exchange rate regime, correlation with the US and for European countries with the German economy, and the development of the banking sector.
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-section of Stock Returns . Journal of Finance , 64 ( 5 ), 2023 – 2052 . Foster , F.D. and S. Viswananthan ( 1990 ). Variations in Trading Volume, Return Volatility, and Trading Costs
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asserts that poor economies tend to grow faster than rich ones. Based on this, then the following should apply: the coefficient of variation for GDP per capita will slowly decrease and there will be an inverse relationship between the rate of economic
, rely on within country variation in estimating misalignment and do not use cross-country differences in relative price levels. They also find that the overvaluation is harmful for growth, however, undervaluation has had only a limited impact on economic
-section of Stock Returns . Journal of Finance , 64 ( 5 ), 2023 – 2052 . Foster , F.D. and S. Viswananthan ( 1990 ). Variations in Trading Volume, Return Volatility, and Trading Costs
2015 3 . The sample has been stated due to the homogeneity requirement that is reflected by a relatively similar level of the countries' economic development expressed by GDP per capita at purchasing power parity (PPP). The coefficient of variation for
investment have occasionally estimated parameters of constant relative risk aversion; however, few models have included the interpersonal variations in risk aversion that may drive outcomes. The models proposed in Weiss (1972) , Hause (1974) , Abowd
