In a highly interlinked global economy a key question for policy makers is how foreign shocks and policies transmit to the domestic economy. We develop a semi-structural multi-country model with rich real and financial channels of international shock propagation for the euro area, the US, Japan,...

The Research Task Force Transmission Channel (RTF-TC) project was conceived before the onset of the recent global financial crisis. From the beginning, RTF-TC was intended to be a long-term project that would involve many RTF member institutions. The primary goal was to generate new research on...