impulse response functions for GDP growth than shocks to the US index. In particular, a one standard deviation shock to the … shock to the US index delivers its maximum impact with a one-quarter delay. Other foreign proxies, such as the EU and German …

's vulnerability to periods of heightened risk and uncertainty. This paper develops a framework to evaluate such vulnerabilities. It … and explore how they are affected by domestic and global risk. We apply this framework to ten OECD economies, showing the … Kingdom, show that a substantial degree of international risk sharing can occur through current accounts and international …

's vulnerability to periods of heightened risk and uncertainty. This paper develops a framework to evaluate such vulnerabilities. It … and explore how they are affected by domestic and global risk. We apply this framework to 10 OECD economies, showing the …, show that a substantial degree of international risk sharing can occur through current accounts and international …

Ambitious climate policy, coupled with financial frictions, has the potential to create macrofinancial stability risk …. Such stability risk may expand beyond the economy implementing climate policy, potentially catching other countries off … policies and to guide the implementation of macroprudential policies at the global scale aimed at minimizing transition risk …

economy. Furthermore we introduce a velocity of money shock revisiting the Quantity Theory of Money within the open economy … paradigm of microeconomic theory and invoked since a tendency to think in nominal rather than real terms becomes evident in the … a productivity shock are increasing in the degree of money illusion and decreasing in the degree of openness of the …

liability side, allowing investors sell domestic and foreign bonds and capturing changes in counterparty risk in a stylized way … the source of debt which is most sensitive to shocks is foreign funding. In fact, any shock creates a wedge between the … prices are mainly affected by financiers' concern for counterparty risk: impact effects are deep and in line with the terms …

After an expansionary monetary policy shock employment increases and unemployment falls. In standard New Keynesian … (2010) found that the risk of unemployment negatively affects utility of employed workers: An increases in aggregate … unemployment decreases workers' subjective well-being, which can be explained by an increased risk of becoming unemployed. I take …

This paper examines real and financial spillovers to safe haven financial flow destinations due to risk-off shocks in … response to risk-off episodes over the estimation period, the yen real effective exchange rate (REER) appreciates sharply and …. Third, negative real spillovers from risk-off shocks appear to only apply to Japan with exchange rate appreciation …