This paper investigates the spillover effects of United States monetary policy on exchange rates of 11 emerging markets and 12 advanced economies during the pre-Coronavirus Disease 2019 (COVID-19) period of 2019 versus the COVID-19 period of 2020. The investigation was achieved via a structural vector autoregression model, where year-on-year changes in weekly measures of economic activity, exchange rates and policy rates were used. The empirical results suggest evidence for the spillover effects of United States monetary policy for several countries during the pre-COVID-19 period, whereas they have been effective only for certain countries during the COVID-19 period that can be explained by the disease outbreak channel. It is implied that policies keeping the pandemic under control may help mitigate the unforeseen economic effects of the COVID-19 crisis.

本文调查了美国货币政策在 2019 年冠状病毒病 2019 (COVID-19) 前期与 2020 年 COVID-19 期间对 11 个新兴市场和 12 个发达经济体汇率的溢出效应。通过结构向量自回归模型，使用每周衡量经济活动、汇率和政策利率的同比变化。实证结果表明，美国货币政策在 COVID-19 之前的时期对几个国家产生了溢出效应，而在 COVID-19 时期它们仅对某些国家有效，这可以用疾病爆发渠道来解释.