autoregressive model with time-varying parameters and stochastic volatility (TVP-SV-GVAR). We find that a contractionary US monetary … policy shock leads to a persistent fall in international output, a drop in global inflation rates, a rise in international … shock to foreign real GDP growth …

large parts of the world. In this paper we explore the financial and the trade channel in a unified framework and quantify …

distinct impact of financial integration and globalization on several dimensions of real activity. We find that: financial … financial integration predict better growth prospects; both advances in financial integration and globalization are associated … financial integration and globalization indeed foster countries' growth, and there appears to be no trade-off between these …

crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial …

-type staggered price setting approach, which means that the adjustment of the aggregate loan rate to a monetary policy shock is …