Governments often issue bonds in foreign jurisdictions, which can provide additional legal protection vis-à-vis domestic bonds. This...

We analyze the international transmission of financial stress and its effects on global economic activity. Our analysis is based on...

This paper analyses the importance of global shocks for the global economic developments and national policymakers from a novel...

We use a dynamic trade model with two sectors and two types of workers to analyze the optimal setting of income-generating tariffs....

If the monetary authority lacks commitment, a monetary union can dominate flexible exchange rates. With forward-looking staggered...

The costs and benfits of moving from a flexible exchange rate regime to a monetary union depend critically on the conduct of monetary...

We introduce search and matching unemployment into a model of trade with differentiated goods and heterogeneous firms. Countries may...

Recent theoretical literature studies how labor market reforms in one country can affect labor market outcomes in other countries,...

The paper sets up a two-country asymmetric trade model with heterogeneous firms, search frictions and endogenous labor market...

The effects of monetary policy during financial crises differ substantially from those in normal times. Using a panel VAR for 20...

This paper analyzes Germany’s unusual labor market experience during the Great Recession. We estimate a general equilibrium model with...

The authors develop a dynamic general equilibrium trade model with comparative advantage, heterogeneous firms, heterogeneous workers...

This paper analyzes the costs of housing crises in terms of GDP growth and the economic conditions under which crises are particularly...

I analyze spillover effects from a Euro area monetary policy shock to fourteen European countries outside the Euro area. The analysis...

We analyze the correlations in patterns of trading for members of the Italian interbank trading platform e-MID. The trading strategy...

This paper investigates the impact of a changing market Environment on the pricing of CDS spreads written on debt from EURO STOXX 50 ...

Not much cross-country evidence exists on the time-series behavior of individual fiscal instruments in response to the public debt and...

We analyze the dynamics in the global crude oil market based on a structural vector autoregressive model. We identify the model by...

Labor’s share of income varies over the business cycle, and different theories of nominal rigidities predict different behaviors for...