medium-term output losses are anticipated to be lower than after the global financial crisis, they are still expected to be …The COVID-19 pandemic has led to a severe global recession with differential impacts within and across countries. This …, financial instabilities—typically associated with worse scarring—have been largely avoided in the current crisis so far. While …

One of the most puzzling facts in the wake of the Global Financial Crisis (GFC) is that output across advanced and … mechanics behind the observed slow recovery and the associated permanent output losses in the aftermath of the crisis, with a … output and total factor productivity (TFP) in the wake of a crisis. Second, we develop a DSGE model with financial frictions …

, economic activity, and pre-crisis conditions. It also provides a thorough review of potential channels that can lead to …

, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply---and hence the real economy---through a …

external crisis, while higher levels of foreign-currency-denominated external debt increase the likelihood of sudden stops … imbalances amplifies external risks, especially during periods of heightened global risk aversion. The results are especially …