large parts of the world. In this paper we explore the financial and the trade channel in a unified framework and quantify …, resulting in larger cumulated output losses and a prolonged crisis particularly in the UK. Stricter enforcement of bank capital …

major sets of crises (post-World War I crisis and the Great Depression); the post-World War II financial lock-down, which …

Most theoretical central bank models use short horizons and focus on a single tradeoff. However, in reality central … bankruptcy. We term these factors discipline and stability effects, respectively. The central bank's welfare decreases with …

world have altered the transmission mechanism of international business cycles to Latin America. Evidence based on a Global … world shows that the long-term impact of a China GDP shock on the typical Latin American economy has increased by three … associated with a deceleration in China's economic growth in the future for both Latin America and the rest of the world economy …