This paper analyzes the initial impact and recovery of globally engaged firms from the COVID-19 crisis. It uses rich … globally engaged firms is their heightened response to the crisis by finding novel ways to adapt supply chains even in the … issue instruments that reduce uncertainty risk. …

risk sharing in tranquil times but that it actually fails to provide international insurance in severe crisis periods …We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making … risk sharing: we find that countries with the most highly developed markets for securitized mortgage debt have consumption …

Consumption risk sharing among U.S. federal states increases in booms and decreases in recessions. We find that small … aggregate risk sharing are more pronounced in states in which small firms account for a large share income or employment. In … to have loosened the dependence of aggregate risk sharing on the business cycle. Not only do our result support that …

-sectional firm dynamics ; lumpy investment ; countercyclical risk ; aggregate shocks ; idiosyncratic shocks ; heterogeneous firms …

-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment ; countercyclical risk ; aggregate shocks …

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 …

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