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about them have recurred in the light of recently increased global stability risk and the quantitative easing that led to … macroeconomic variables to the identified shock based on sign restrictions is regime dependent. …
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flows. We find that country-specific risk factors seem to play a more important role than global risk factors. Moreover …
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the near future. The research finds no evidence of large differences in the patterns of risk sharing for the 19 OECD … between the euro-area and the successful monetary union of the USA: the euro-area showed a much lower insurance of asymmetric …
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From 1960-2009, the U.S. current account balance has tended to decline during expansions and improve in recessions. We argue that trend shocks to productivity can help explain the countercyclical U.S. current account. Our framework is a two-country, two-good real business cycle (RBC) model in...
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