recent crisis. On the wider economic impact of STW, we show that firms using the schemes are significantly less likely to lay …

fifteen key euro area trade partners and the euro area. Our measures display a clear counter-cyclical pattern and line up well …

We study the macroeconomic consequences of financial shocks and increase in economic risk using a quantile vector … risk, but have limited impact on upside potential. The impact of financial shocks is explained away after controlling for … economic risk (measured by the interquantile range). The effects are economically relevant. Bad economic environment …

The Great Recession has been characterised by the two stylized facts: the buildup of leverage in the household sector … in the period preceding the recession and a protracted economic recovery that followed. We attempt to explain these two …

changes in global risk (VIX). We find that inertia (whether the bond behaved as a safe asset in the past) and good … relevant for the latter countries after the global financial crisis. Finally, the safe asset status does not appear to depend … on whether the change in global risk is driven by financial shocks rather than by US monetary policy. …

maturity races, information sensitivity, risk-intolerant debt and induced runs reinforce the liquidity risk externality …