I am analyzing the impact of US monetary policy variables on capital flows to emerging markets and intend to use panel data analysis. I have data on capital flows for 20 countries individually from 2000-2018 and US monetary policy variables for the same period.

What I don't understand is that the US monetary policy variables (inflation, industrial production, spead) - the independent variables would remain the same for every country from 2000-2018.

Is it correct to use panel regression in this case?