for larger branches. This internal shock to the balance sheets of U.S. branches of foreign banks had sizable effects on …

the shock compared to countries which did not have such pre-emptive policies in place. We use the episodes of Taper … fixed effects where preemptive policies are ex-ante by construction and cannot be put in place as a response to the shock ex …

Consider an economy subject to two kinds of shocks: (a) an observable shock to the relative demand for final goods … output is determined by (1) the technological shock that determines which final goods industry uses his output intensively … among final goods, then it doesn't matter which final goods industry uses the worker's output. Thus the technological shock …