This paper studies the transmission of a U.S. monetary policy tightening to a set of small open economies. It uses as policy instruments shadow rate, the Fed funds rate (conventional monetary policy, CMP) and changes in the Fed balance sheet (unconventional monetary policy, UMP). The main findings include: (1) the shock always reduces foreign economic activity and contributes to the emergence of a “global” financial cycle. (2) The financial channel has become more important since 2008. 3) There is evidence of an oil transmission channel. (4) Cross-country differences do not depend on their international trade volume, exchange rate flexibility or financial openness. U.S. policymakers may need to consider the feedback effects of changes in their policy stance on world demand and inflation. Small open economies should assess the type of U.S. monetary policy shock to evaluate the channels through which their economies may be affected.

中文翻译：

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美国货币政策向小型开放经济体的传导

本文研究美国货币政策紧缩对一系列小型开放经济体的传导。它使用影子利率、联邦基金利率（传统货币政策，CMP）和美联储资产负债表的变化（非常规货币政策，UMP）作为政策工具。主要发现包括：（1）冲击总是会减少外国经济活动，并导致“全球”金融周期的出现。 （2）自2008年以来，金融渠道变得更加重要。3）有证据表明存在输油渠道。 (4) 国家间差异并不取决于其国际贸易量、汇率灵活性或金融开放程度。美国政策制定者可能需要考虑其政策立场变化对世界需求和通胀的反馈影响。小型开放经济体应评估美国货币政策冲击的类型，以评估其经济可能受到影响的渠道。