We extend the canonical income process with persistent and transitory risk to shock distributions with left … data from the United States. We find countercyclical variance and procyclical skewness of persistent shocks. All shock …

German unifikation hit the West German economy in a prosperous and appeared as a huge demand shock at least for the … those resulting from the demand shock of German unification, to effect not only German trade flows, but also real variables … modelling approach and estimation results for the trade submodels are presented in some detail and simmulation results for the …

innovation to stock return correlation in a vector autoregression are nearly identical to those of a news shock about future …