This paper investigates the international spillover effects of U.S. trade protection. Using micro-level data on anti …-dumping, countervailing duties, and safeguards, I develop a new measure of U.S. trade policy announcement shocks for the period 1988-2015 that … is free of confounding factors. Estimates using the new measure indicate that announced, but not yet imposed, U.S. trade …

to economic activity, are followed by unfavorable reactions of financial crisis indicators. We conclude that uncertainty …

We extend the canonical income process with persistent and transitory risk to shock distributions with left …-skewness and excess kurtosis, to which we refer as higher-order risk. We estimate our extended income process by GMM for household … show that in a standard incomplete-markets life-cycle model, first, higher-order risk has sizable welfare implications …