This review concentrates on the role of information asymmetry in financial markets in amplification and propagation of short-run output fluctuations. We find that the so-called Financial Accelerator effect provides a consistent, first principle based, theoretical framework for the analysis of...

In this paper we assess the hypothesis that the unprecedented stability of the United States economy, in the decades preceding the outbreak of the financial crisis in August 2007, caused a relatively low output volatility in other national economies. The results of the time series analysis of 97...

This study explores cross-country variations in the effects of a monetary policy shock on output using the sample of 48 developed and developing countries. The structural vector autoregression model is used to estimate monetary policy effects for each country separately. Based on the estimated...

The decades preceding the outbreak of the financial crisis in August of 2007 were a period of exceptional stability for the US economy. A number of studies over the past decade proposed different theoretical rationales and underpinning empirical evidence to explain the so-called Great...

This paper investigates the long-run consequences of economic disasters. The research is based on the historical data for 38 OECD and non OECD countries over the last two centuries. Results of the research indicate the negative long-run effect of economic disasters on output growth. The research...

The trade effects of exchange rate variability have been an issue in international economics for the past 30 years. The contribution of this paper is to apply meta-regression analysis (MRA) to the empirical literature. On average, exchange rate variability exerts a negative effect on...

The decades preceding the recent financial crisis and global downturn were a period ofunusually mild output volatility for many developed and developing market economies. Weanalyse data from 85 countries and report findings consistent with the hypothesis that foreigndirect investment had a...

What determines the size of monetary policy effects on prices? This is one of the crucial questions for the efficient conduct of monetary policy; hence this study investigates this issue by exploring variations in the responsiveness of prices to a monetary policy shock across 46 developed and...

This study uses two large datasets to explore the output dynamics following economic disasters, one including 180 economic disasters across 38 countries over the last two centuries, and the other including 204 economic disasters in 182 countries since World War II. Our results suggest that...

In 2008 the US financial crisis spilled over into a number of other economies causing declines in GDP across the world. Yet the decades preceding the current downturn had been a period of unprecedented stability for the US economy. This paper examines annual data for 98 countries over the period...