We build a new empirical model to estimate the global impact of an increase in the volatility of US monetary policy shocks. Specifically, we admit time-varying variances of local structural shocks from a stochastic volatility specification. By allowing for rich dynamic interaction between the...

This paper investigates the impact of openness to trade and higher levels of human capital on the economies of some MENA countries. To answer the question: whether either human capital or openness can be shown to cause productivity, we use panel data on 16 countries spanning the 1965-2000...