idiosyncratic entrepreneurial risk-- a risk that introduces, not only a precautionary motive for saving, but also a wedge between …

's vulnerability to periods of heightened risk and uncertainty. This paper develops a framework to evaluate such vulnerabilities. It … they are affected by domestic and global risk shocks, and apply this framework to 10 OECD economies. These examples …, including a more detailed assessment for the UK, show that a substantial degree of international risk sharing can occur through …

We study the effects of debt-financed fiscal transfers in a general equilibrium, heterogeneous-agent model of the world … economy. In the long run, increases in government debt anywhere raise the world interest rate and increase private wealth … are consistent with the evolution of the world's balance of payments since the beginning of the Covid pandemic …

Do external imbalances increase the risk of financial crises? In this paper, we study the experience of 14 developed …

manufactured riskless assets of $1.2 trillion by selling short-term ABCP to risk-averse investors, predominantly U.S. money market …