in shocks and differences in the degree of wage and price flexibility. JEL Classification: C51, E52, E58 …

idiosyncratic demand and cost push shocks, but has removed an importance source of relative performance variability given by … idiosyncratic monetary shocks. The net effect of EMU, therefore, has been to reduce the relative performance variability. The …

virtually all currencies globally. The paper finds that negative US-specific macroeconomic shocks during the crisis have … exposure of individual countries are found to have played a key role in the transmission process of US shocks: in particular … have experienced substantially larger currency depreciations during the crisis overall, and to US shocks in particular. JEL …

in insulating financial markets from such adverse shocks. The findings of the paper there-fore suggest another important …

important US-specific economic shocks, it shows that such shocks have exerted a remarkably heterogeneous effect on global …

decline in the volatility of exogenous shocks but rather a change in their propagation mechanism. JEL Classification: E32, E37 …

shocks have had a more severe impact on advanced economies, it was mainly the decline in risk appetite that affected emerging …

and 1930s. Although the model includes eight shocks, the story it tells about the Great Depression turns out to be a … monetary base rule which responds only to the money demand shocks in the model. We solve the model with this counterfactual … monetary policy rule. We then simulate the dynamic response of this model to all the estimated shocks. Based on the model …

monetary policy in the presence of different types of shocks. Our empirical analysis looks at a number of supply … exhibit a high degree of cross-country supply diversity, while there is no compelling evidence that shocks are highly …

flexible exchange rate regime. At the country level, the suboptimal response to domestic and foreign shocks and the inability … between the standard deviation of supply shocks across the participating countries, the smaller the correlation of countries …’ supply shocks and the larger the variance of real exchange rate shocks. JEL Classification: E52, E58, F33, F40 …