risk becoming unanchored, EMDE central banks may be compelled to tighten monetary policy before the recovery is fully …

of narrative information to sharpen shock identification in a structural VAR analysis based on sign restrictions …

real activity to a financial uncertainty shock during and in the aftermath of the great recession. We replicate this … estimated framework to quantify the output loss due to the large uncertainty shock that materialized in 2008Q3. We find such a … shock to be able to explain about 60% of the output loss in the 2008-2014 period. The same estimated model unveils the role …

We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, en- compassing the … may counterbal- ance the shocks, preventing the destruction of economic capacity and inducing a V-shaped recovery. However …-shaped recovery. When calibrated to the U.S. economy, the model replicates well the L-shaped recovery and switching-track that …