Wincoop, Eric van - In: American Economic Journal: Macroeconomics 5 (2013) 3, pp. 152-89
The 2008 –2009 financial crises, while originating in the United States, witnessed a drop in asset prices and output that was at least as large in the rest of the world. We investigate, in the context of a simple two-country model, whether this could have been the result of transmission...