[34]  Chart 18 Estimated spillovers to euro area and US financial markets from Fed and ECB monetary policy tightening  Source: Ca’ Zorzi, M. et al (2019), op. cit. Notes: The solid line shows the median spillover with 68% confidence bands. The left column shows the responses of euro area variables; the right column shows the responses of US variables.
The corporate bond spread is defined as the option-adjusted spread between a corporate bond with BBB or lower investment grade rating and a government bond. The government bonds displayed are the German Bund for  the euro area and the Treasury bonds for the United States.