The monthly effective federal fund rate and Wu-Xia shadow rates, 2007–2020 (%). Note: In the periods from 2009 to 2016, the shadow rate fell beyond the zero lower bound to capture the stimulus from unconventional monetary policy measures in the US. Source: Compiled by the author.

 
 
  Part of: Sikhwal S (2022) Effects of US interest rate shocks in the emerging market economies: Evidence from panel structural VAR. Russian Journal of Economics 8(3): 234-254. https://doi.org/10.32609/j.ruje.8.89717