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Understanding Global Recessions and Recoveries
As the debates about the recent global recession and the subsequent recovery have clearly shown, our understanding of these questions has been very li...
We propose and implement a framework for characterizing and monitoring the global business cycle. Our framework utilizes high-frequency data, allows u...
Synchronization and Determinants
We examine the properties of house price fluctuations across 18 advanced economies over the past 40 years. We ask two specific questions: First, how s...
A Global Perspective and the Peruvian Experience
We re-appraise the cross-country evidence on the dollarization of financial systems in emerging market economies. Amidst striking heterogeneity of pat...
Macroeconomic theory postulates that fiscal deficits cause inflation. Yet empirical research has had limited success in uncovering this relationship. ...
This paper examines the usefulness of asset prices in predicting recessions in the G-7 countries. It finds that asset price drops are significantly as...
Are Global Imbalances Consistent with Intertemporal Budget Constraints?
Theory predicts that a nation's stochastic intertemporal budget constraint is satisfied if net exports (NX) and net foreign assets (NFA) satisfy an er...
We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial ...
Financial globalization has increased dramatically over the past three decades, particularly for advanced economies, while emerging market and develop...
This paper examines the impact of international financial integration on macroeconomic volatility in a large group of industrial and developing econom...
An Empirical Exploration
This paper analyzes the evolution of volatility and cross-country comovement in output, consumption, and investment fluctuations using two distinct da...
This paper examines the impact of rising trade and financial integration on international business cycle comovement among a large group of industrial ...