overwhelmingly large. This finding is also confirmed under different identification strategies for the monetary policy shock …

underline the importance of the source of an oil shock for its macroeconomic consequences. Oil supply shocks have been less …

-2012) in the Polish economy. The empirical findings show that: (1) output appears more responsive to an interest rate shock at … the beginning of our sample. Since 2000, absorbing this shock has become less costly in terms of output, notwithstanding … some reversal since the beginning of the global financial crisis. The exchange rate shock also has a time-varying effect on …

declines in output, inflation, and the interest rate. Moreover, we document strong global impacts, making the world move in a …

demand and supply shocks. The results show that higher macroeconomic uncertainty, as measured by higher world industrial …

economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative … shock is mainly associated with different behaviour across regimes; (v) the size of the fiscal multipliers is higher than …

dollar shock, generalised impulse response function shocks and a global shock to risk aversion. Our results show that the way … depends crucially on the nature of the shock. This result is noteworthy given the apparent divergence in competitiveness …