reduce exchange rate volatility and to smooth interest rates. Steep depreciations combined with volatility did not help …

This paper examines the effect of exogenous shocks to savings on world capital markets. Using the exogenous shocks to … accounting identities of the US and the rest of the world. We find that exogenous tax increases are only partially offset by … deficits and increases in investment in other countries in the world. We cannot reject that the shock is uniformly transmitted …

Stylized facts suggest that output volatility in OECD countries has declined in recent years. However, the causes and … structural breaks in the dynamics and the volatility of the real output process in Germany can be detected. We report evidence … that output volatility has declined in Germany. Yet, this decline in output volatility is not as clear-cut as it is in the …

. Rather, the end result is contractionary. Over time, the world economy is essentially wage-led and responds positively to …