that such disturbances are important drivers of output fluctuations in both economies, we find the shock responses of …

across countries through risk variables, spurring a literature on the "global financial cycle." This paper studies how …Since the global financial crisis, there has been renewed interest in understanding how monetary policy shocks transmit … (conventional and unconventional) monetary policy shocks affect risk and uncertainty in three large economies: the US, euro area …

Euro Area economies to a one percent shock in government consumption and business confidence. The evidence suggests that … even though the response to a government consumption shock is strong, a shock in expectations has an even greater effect …