shock affecting only one country. Efficient global risk-sharing imply that expected productivity gains in one country will … international equity transactions that accentuate the role of international risk sharing as a factor for the macroeconomic response … for the productivity gains can further increase the risk exposure of foreign shareholders. The model is calibrated to show …

This paper uses the co-incidence of extreme shocks to banksu0092 risk to examine within country and across country … contagion among large EU banks. Banksu0092 risk is measured by the first difference of weekly distances to default and abnormal …

. Robustly to alternative definitions of the relative price, identification schemes dictated by two-sided (S,s) pricing theory …

general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price … worker, job creation and job destruction conditional on a shock to monetary policy. Moreover, allowing for variation of the … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of …

including a global liquidity aggregate. The impulse responses obtained show that a positive shock to extra-euro area liquidity …

decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions … prevent first-best risk sharing, but never optimal to provide incentives exclusively via this technology. Commitment problems …

When people share risk in financial markets, intermediaries provide costly enforcement for most trades and, hence, are … an integral part of financial marketsu0092 organization. We assess the degree of risk sharing that can be achieved … allow for optimal risk sharing as long as markets are complete, default is prevented in equilibrium and intermediaries …