We study the transmission of global financial uncertainty to an emerging market economy, Turkey, using data on the universe of corporate loan transactions over 2003-2013. International arbitrage implies that a decline in global uncertainty reduces country risk, which narrows the deviation from...

We study the impact of the Covid-19 pandemic on Euro Area inflation and how it compares to the experiences of other countries, such as the United States, over the two-year period 2020-21. Our model-based calibration exercises deliver four key results: 1) Compositional effects - the switch from...