large asset price spillovers of country-specific shocks to bank capital. The impact of these shocks on asset prices are …

restrictions generated significant spillovers, especially in the post-2008 environment of abundant global liquidity. We also find … evidence of a domestic policy response to foreign capital control changes in countries that are affected by these spillovers …

time, calls for policy coordination stressed that international spillovers of fiscal policy might be sizeable. We … spillover effects cannot be ruled out and, in contrast to conventional wisdom, ii) financial factors rather than trade flows lie …

formulate and examine precise and separate measures of return spillovers and volatility spillovers. Our framework facilitates … study of both non-crisis and crisis episodes, including trends and bursts in spillovers, and both turn out to be empirically … evidence of divergent behavior in the dynamics of return spillovers vs. volatility spillovers: Return spillovers display a …

and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country …-specific macro factors and the part driven by spillovers from financial variables. We consider cycles in macroeconomic aggregates … global macro factor plays a major role in explaining G-7 business cycles, but there are also spillovers from equity and house …

in this world. The interest-rate and terms-of-trade spillovers produce policy externalities that make the noncooperative …We live in a new world economy characterized by financial globalization and historically low interest rates. This … through the interest rate and the terms of trade. The former constitutes a negative spillover, while the latter constitutes a …