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 …