explicitly absorb a larger share of the systemic risk. The options for doing this range from surplus countries rebalancing their … securitization industry while removing the systemic risk from the banks' balance sheets. Such public-private solutions could be …

Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may …-put framework that reduced the persistence of risk-off shocks. We also show that domestic macroeconomic and financial conditions … play a key role in benefiting from the spillovers of these policies during risk-off episodes. Countries like Japan, which …

Global risk-off shocks can be highly destabilising for financial markets and, absent an adequate policy response, may … central banks were effective in containing asset price declines following risk-off episodes. These policies impacted long … rates and inspired confidence in a policy-put framework that reduced the persistence of risk-off shocks. We also show that …

) the Fed's response to aggregate demand shocks increases asset price volatility, but this volatility plays a useful … volatility but heightens asset market volatility; (vii) disagreements between the market and the Fed microfound monetary policy … shocks, and generate a policy risk premium …

of theory with empirical evidence on gross job flows and on financial and labor market rents, we find that, cumulatively …