We present evidence that the negative effect of the China shock on US manufacturing employment is lower for industries that use services inputs more intensively. Different potential mechanisms for this finding are analyzed. This reveals significant heterogeneity across different types of...

We analyze the importance of global shocks for the global economy and national policy makers. More specifically, we 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...

We analyze the importance of global shocks for the global economy and national policy makers. More specifically, we 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...