countries rose from 4 to 23 percent of the U.S. capital stock (financial globalization). We document that the correlation of … real shocks between the U.S. and the rest of the world has declined. We then present a model in which international …

periphery countries in booms, with larger credit and output growth in periphery countries. However, a common global shock that …

intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This … paper presents an empirical framework in which multiple commodity prices and the world interest rate transmit world … disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate that world shocks explain on average 33 …

globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies …

cyclical pattern. Over that cycle, world asset prices, leverage, and capital flows move in concert with global growth …

monetary policy shocks on a sample group of EMEs. A contractionary monetary shock leads a retrenchment in EME capital flows, a …

shocks using methods from the news shocks literature, the analysis finds that innovations in realized stock market volatility … economy. Moreover, investors have historically paid large premia to hedge shocks to realized but not implied volatility. A … model in which fundamental shocks are skewed left can match those facts. Aggregate volatility matters, but it is the …