shock in the data causes significant declines in output, consumption, investment, and hours worked. Standard general … usual stabilizing function because of the zero lower bound. We calibrate our uncertainty shock process using fluctuations in …

framework starts by discerning driving forces set in motion by the initial shock. These are higher discounts applied by decision … institutions. The next step is to study how driving forces influence general equilibrium, both at the time of the initial shock and … later as its effects persist. Some of the effects propagate the effects of the shock---they contribute to poor performance …

predictions. Motivated by post-COVID inflation in the U.S., a model experiment shows that a one-time relative price shock …

shock to the sector - a measure of the systemic risk of each sector. Tail centrality is theoretically and empirically very … downstream closeness to final production. The paper then uses the results to analyze the determinants of total tail risk in the … economy to small shocks while increasing the sensitivity to large shocks. Tail risk is strongest in economies that display …

Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital …