after four years. Credit shocks have a positive effect on inflation and explain about 35% of the forecast error variance … inflation is insignificant and their share in explaining the forecast error variance negligible. For the US, regime 1 captures … periods of stable GDP growth, and low and stable inflation, combined with accelerating asset prices. We find procyclical …

reciprocity in food trade among the US, Canada, the EU and Japan. We explore country and industry-specific market access asymmetry … through the border effect approach, re-challenging the underlying main explanations. Our findings reveal marked asymmetry in …