due to a fiscal policy shock, as compared to when the rise in output is due to a positive technology shock. The cross ….75 when the rise in output follows from a favorable output shock. …

-specific foreign output variable to capture direct inter-country linkages. In accord with the theory all variables are measured as … restrictions implied by the NK theory. The multi-country DSGE NK model is then solved to provide estimates of identified supply … through error spillover effects. Bootstrapped error bands are also provided for the cross country responses of a shock to the …

world shows that the long-term impact of a China GDP shock on the typical Latin American economy has increased by three … times since mid-1990s. At the same time, the long-term impact of a US GDP shock has halved, while the transmission of shocks …

Measures of economic uncertainty are countercyclical, but economic theory does not provide definite guidance on the …

Whittaker (1923) and popularized in economics in a particular form by Hodrick and Prescott (1980/1997; HP). A limit theory is …' process. Simulations reveal that the lambda = O(n^4) limit theory provides a good approximation to the actual HP filter for …

Measures of economic uncertainty are countercyclical, but economic theory does not provide definite guidance on the … and in the data. Second, the share of volatility forecast error variance explained by the real common shock and by country …