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 …

effcient risk-sharing, negatively correlated with cross-country consumption ratios. This paper shows that incomplete asset … the international transmission of productivity improvements generate the observed degree of risk-sharing: one associated … transmission pattern, questioning the presumption that terms-of-trade movements foster international risk-pooling. …

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 …