We propose a novel specification strategy using a SVAR identified with zero and sign-restrictions to uncover real-time financial shocks in Chilean markets. We build on the literature that employs economically intuitive sign restrictions on the comovement of stocks and bonds to distinguish...

With the rapid increase in Chinese national strength and international influence, spillovers effects of China’s monetary policy have begun to emerge. This paper quantifies the spillovers and explores the transmission channels in a panel of 48 advanced and emerging economies. This paper uses a...

We study the link between the global financial cycle and macroeconomic tail risks using quantile vector autoregressions. Contractionary shocks to financial conditions and monetary policy in the United States cause elevated downside risks to growth around the world. By tightening financial...

A large literature has documented that fiscal policy is procyclical in emerging markets and developing economies and acyclical/countercyclical in advanced economies. This paper analyzes fiscal procyclicality in commodity-exporting countries. It first shows that the degree of fiscal...