We estimate a highly significant price of risk that forecasts global stock and bond returns as a nonlinear function of … the CBOE Volatility Index (VIX). We show that countries' exposure to the global price of risk is related to macroeconomic … downside risk. Higher exposure to the global price of risk corresponds to both higher output volatility and higher output …

Zusammenarbeiten beschränkt bleiben. Globalisierung ist also nicht wie üblich summarisch, sondern sehr differenziert zu sehen. Statt …