We use a non-linear factor-augmented vector-autoregressive model to evaluate international effects of an unexpected decrease in euro area policy rates. Given the current environment of ultra low or negative interest rates, we especially focus on potential differences in the transmission of the...

We investigate changes in Asia's regional and global trade linkages and their influence on macroeconomic relationships among Asia, Europe, and United States (US). We first document changes in trade patterns of East Asia, Europe, and US and discuss stylized facts about East Asia's trade...