risks were underestimated by stress indicators in the run-up to the 2008 global financial crisis. The policy implications of …

.S. nonfarm business sectors during the Great Recession, andevaluates the cross-sectoral spillovers. Shocks are identified by … dynamic factor methods. Wefind that the Great Recession is largely a time of heightened impact of common shocks-which accounts … for 3/4 of aggregate volatility-and large spillovers of negative financerelatedshocks. Moreover, in contrast with the …

The Great Recession underlined that policies in some countries can have profound spillovers elsewhere. Sadly, the … solution of simulating large macroeconomic models to measure these spillovers has been found wanting. Typical models generate … lower international correlations of output and financial asset prices than are seen in even pre-crisis data. Imposing higher …

This paper provides empirical evidence that the size of the spillovers from U.S. monetarypolicy to non-oil GDP growth …

This paper examines real and financial linkages between Saudi Arabia and other GCC countries. Growth spillovers from …

lowering the US term spread. Second, US QE measures might have prevented episodes of prolonged recession and deflation in the …

, German fiscal spillovers to the CE4 and more broadly to the rest of the euro area, have increased over time, but are still …

-pair heterogeneity - that is absent when gross trade data are used. That effect is bigger in crisis times, pointing to trade as an … important crisis propagation mechanism. Bilateral intra-industry trade and trade specialization correlation also appear to … dependence on Chinese final demand in value-added terms amplifies the international spillovers and synchronizing impact of growth …