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International Risk Sharing in the Short Run and in the Long Run
Baxter, Marianne - 2011
International risk-sharing has far-reaching implications both for economic policy and for basic research in economics …. When countries do not share risk, individuals in those countries experience fluctuations in their consumption levels that … are undesirable and possibly unnecessary. This paper extends and refines the study of international risk-sharing in two …
Persistent link: https://www.econbiz.de/10013129220
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Measures of Participation in Global Value Chains and Global Business Cycles
Wang, Zhi - 2017
This paper makes two methodological contributions. First, it proposes a framework to decompose total production activities at the country, sector, or country-sector level, to different types, depending on whether they are for pure domestic demand, traditional international trade, simple GVC...
Persistent link: https://www.econbiz.de/10012960797
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International Comovement in the Global Production Network
Huo, Zhen - 2019
This paper provides a general and unified framework to study the role of production networks in international GDP comovement. We first derive an additive decomposition of bilateral GDP comovement into components capturing shock transmission and shock correlation. We quantify this decomposition...
Persistent link: https://www.econbiz.de/10012867903
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Financial Globalization and Real Regionalization
Heathcote, Jonathan; Perri, Fabrizio - 2021
countries rose from 4 to 23 percent of the U.S. capital stock (financial globalization). We document that the correlation of … real shocks between the U.S. and the rest of the world has declined. We then present a model in which international …
Persistent link: https://www.econbiz.de/10013313636
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Global Business Cycles : Convergence or Decoupling?
Kose, M. Ayhan; Otrok, Chris; Prasad, Eswar S. - 2021
globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies …
Persistent link: https://www.econbiz.de/10013218837
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Uncertainty, Climate Change and the Global Economy
von Below, David - 2008
The paper illustrates how one may assess our comprehensive uncertainty about the various relations in the entire chain from human activity to climate change. Using a modified version of the RICE model of the global economy and climate, we perform Monte Carlo simulations, where full sets of...
Persistent link: https://www.econbiz.de/10012769638
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Might Global Uncertainty Promote International Trade?
Baley, Isaac - 2019
nature where consumption is most valuable. Trade creates value, in part, by offering a mechanism to share risk and risk …
Persistent link: https://www.econbiz.de/10012891335
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An Index of Global Economic Policy Uncertainty
Davis, Steven J. - 2016
Building on Baker, Bloom and Davis (2016), I construct a monthly index of Global Economic Policy Uncertainty (GEPU) from January 1997. The GEPU Index is a GDP-weighted average of national EPU indices for 16 countries that account for two-thirds of global output. Each national EPU index reflects...
Persistent link: https://www.econbiz.de/10012981099
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Global Macro Risks in Currency Excess Returns
Berg, Kimberly - 2017
global macroeconomic fundamental risk. The risk factor is the cross-country high-minus-low conditional skewness of the …
Persistent link: https://www.econbiz.de/10012948089
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Risk, Volatility, and the Global Cross-Section of Growth Rates
Burnside, A. Craig - 2010
We reconsider the empirical links between volatility and growth between 1970 and 2007. There is a strong and significant correlation between individual country growth rates and global factors that are arguably exogenous with respect to their economies. The amount of volatility driven by these...
Persistent link: https://www.econbiz.de/10013151388