This review concentrates on the role of information asymmetry in financial markets in amplification and propagation of short-run output fluctuations. We find that the so-called Financial Accelerator effect provides a consistent, first principle based, theoretical framework for the analysis of...

This study explores cross-country variations in the effects of a monetary policy shock on output using the sample of 48 developed and developing countries. The structural vector autoregression model is used to estimate monetary policy effects for each country separately. Based on the estimated...

The decades preceding the outbreak of the financial crisis in August of 2007 were a period of exceptional stability for the US economy. A number of studies over the past decade proposed different theoretical rationales and underpinning empirical evidence to explain the so-called Great...

This paper investigates the long-run consequences of economic disasters. The research is based on the historical data for 38 OECD and non OECD countries over the last two centuries. Results of the research indicate the negative long-run effect of economic disasters on output growth. The research...

An American Economic Review article by Daniel Berger, William Easterly, Nathan Nunn, and Shanker Satyanath (2013), “Commercial Imperialism? Political Influence and Trade During the Cold War,” finds a strong effect of the CIA interventions on imports of U.S. products. I test their results for...

The trade effects of exchange rate variability have been an issue in international economics for the past 30 years. The contribution of this paper is to apply meta-regression analysis (MRA) to the empirical literature. On average, exchange rate variability exerts a negative effect on...

The decades preceding the recent financial crisis and global downturn were a period ofunusually mild output volatility for many developed and developing market economies. Weanalyse data from 85 countries and report findings consistent with the hypothesis that foreigndirect investment had a...