, the larger the world output contraction is. … achieves set-identiÖcation via a combination of narrative, sign, ratio, and correlation restrictions. We Önd that the world … output loss that materialized during the great recession would have been 13% lower in absence of GFU shocks. We also unveil …

the world output loss that materialized during the great recession would have been 13% lower in absence of GFU shocks. We … after GFU shocks, the larger the world output contraction is. …

the world output loss that materialized during the great recession would have been 13% lower in absence of GFU shocks. We … after GFU shocks, the larger the world output contraction is. …

, the larger the world output contraction is. … achieves set-identiÖcation via a combination of narrative, sign, ratio, and correlation restrictions. We Önd that the world … output loss that materialized during the great recession would have been 13% lower in absence of GFU shocks. We also unveil …

Conventional econometric analysis suggests that there has been a longer-term relationship between nominal world output … and nominal world exports. The analysis says something about the rules governing adjustments in world output and exports …. It appears that GDP plays the first fiddle. Rising world output seems to have pushed up world exports. But rising world …