12 However, event studies tend to find larger international interest rate spillovers for U.S. policy announcements than for those of other central banks. 13 It is also worth emphasizing that asset purchases are merely one form of monetary accommodation, made necessary when policy interest rates hit their zero lower bound.
Earlier studies of the international effects of conventional U.S. monetary policy – namely, changes in the policy rate – have also found significant spillovers to asset prices in other countries. 14 Studies that have compared the spillovers of monetary policy across 8  See, for example, Bernanke (2010a, 2010b).