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investigate whether monetary policy has become less effective in the wake of financial globalization. We also examine whether … there is increasing uncertainty for central banks due to globalization-driven changes in the national economic structure. A …
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This paper develops a threshold-augmented dynamic multi-country model (TG-VAR) to quantify the macroeconomic effects of Covid-19. We show that there exist threshold effects in the relationship between output growth and excess global volatility at individual country levels in a significant...
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