and the U.S.A. For that purpose, we use a global vector autoregressive (GVAR) model and isolate disturbances stemming from … shocks in the euro area and in the U.S.A. Last, historical decompositions of deviations from trend growth show that for the … euro area developments, foreign shocks originating in the U.S.A., the UK and the CESEE and CIS regions feature most …

financial performance. In contrast to former studies, we examine two different regions, namely the USA and Europe. Our … between 2003 and 2006 appear to be more robust in the USA and, in addition, to be nonlinear. Our analysis furthermore points …

and USA), depending on the substitutability between different knowledge types. …