approach is the insight that epidemic dynamics are best tracked over stages, rather than over time. We use a normalization … procedure that makes the pre-policy paths of the epidemic identical across regions. The procedure uncovers regional variation in … the stage of the epidemic at the time of policy implementation. This variation delivers clean identification of the policy …

United Kingdom - a country at the heart of the global financial system. Our results suggest that increases in microprudential …

A growing literature stresses the importance of the “global financial cycle”, a common global movement in asset prices … and credit conditions, for emerging market economies (EMEs). It is argued that one of the key drivers of this global cycle …

characterizes the size and sign of its fiscal footprint, as well as the states of the world in which the temptation for fiscal goals …

, particularly in the course of the coronavirus pandemic. Interestingly, even though inflation rates in Germany have been clearly …