declines in output, in ation, and the interest rate. Moreover, we document strong global impacts, making the world move in a …

patterns in economic activity and inflation following oil price shocks in the euro area. In the normal regime, oil price shocks … followed by sizeable and sustained macroeconomic fluctuations, with inflation and economic activity moving in the same … direction as the oil price. The responses of inflation expectations and wage growth point to second-round effects as a potential …

-December 2021, we find that participation in global value chains increased firms' vulnerability to the COVID-19 shock, in terms …

Recent research has argued that the COVID-19 shock has also brought about a reallocation shock. We examine the evidence … a reallocation shock; we find that it has played a relatively minor role in explaining labor market patterns in the …

of new coronavirus (COVID-19) pandemic. We focus on monetary, microprudential and macroprudential policies designed …

model (FAVAR). From a set of non-energy commodity price series, we extract two factors, which we identify as common trends … in metals and a food prices. These factors are included in a FAVAR model together with selected macroeconomic variables … trends captured by the food and metals factors. - Oil price ; Commodity prices ; Exchange rates ; Globalisation ; FAVAR …

This paper analyses the effects of the COVID-19 pandemic shock on small open economies in a monetary union with an … focus on the size and the direction of international spillovers both from the shock itself and from the ensuing fiscal … lifetimes, the responses of output and inflation are amplifted compared to the case with infinitely lived households. Finally, a …