trade result in an asymmetric reaction to an otherwise symmetric shock. In this context, we show that oil price shocks can …

preferred model, almost 30 percent of the maximum effect of a shock still remains after ten years. …

cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …

a positive financial shock (e.g., winning the lottery). However, trust falls sharply following a negative financial … shock (e.g., bankruptcy). In terms of magnitude, this effect is approximately equivalent to the effect observed after one …, following a negative financial shock. In turn, locus of control is closely associated with interpersonal trust levels. …

that the employment rate is slow to converge to its steady state value after a monetary shock. The after-effects of a shock … continue to exert an effect on the labor market even long after the shock is over. The sluggishness of the labor market … translates to the product market and thus the output effects of the monetary shock become more persistent. Under reasonable …