the contemporaneous occurrence of the Great Recession and high financial stress, and to be robust to different ways of …

due to US EPU shocks are also found for the UK economy. This evidence, which refers to a large economy having a low trade … intensity with the US, supports our view that a channel other than trade could be behind our empirical results …

We offer a new explanation as to why international trade is so volatile in response to economic shocks. Our approach … combines the uncertainty shock idea of Bloom (2009) with a model of international trade, extending the idea to the open economy …, this response leads to a bigger contraction in international trade flows than in domestic economic activity. We confront …

The 2007-2008 global financial crisis and the subsequent anemic recovery have rekindled academic interest in …

recovery in the U.S. during the Great Recession has a large popular appeal. We analyze the role of policy risk in explaining …The argument that policy risk, i.e., uncertainty about monetary and fiscal policy, has been holding back the economic … business cycle fluctuations by using an estimated New Keynesian model featuring policy risk as well as uncertainty about …

During the Great Recession, despite the large fall in output, inflation did not fall much. This is known as the missing … inflation during the Great Recession. We show that inflation did not fall much because intermediate goods prices were increasing … during the Great Recession …