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That climate variability and change can potentially force multiple simultaneous breadbasket crop yield shocks has been established. But research quantifying the mechanisms behind such simultaneous sho...
We ˉnd that risk sharing in the European Union (EU) has been increasing over the past decade due to increased cross-ownership of assets across countries. Industrial speciaization has also been increa...
Comments on ‘Relative Shocks, Relative Price Variability and Inflation’ by Stanley Fisher.
This paper takes as given the principle that long-run price stability should be the central goal of monetary policy. The purpose of the paper is to discuss conceptual issues pertinent to the task of...
This paper studies a complete-market version of the neoclassical growth model, where agents face idiosyncratic shocks to earnings. We show that if agents possess identical preferences of either the CR...
Preference shocks from aggregation: time series data evidence.
Reset Price Inflation and the Impact of Monetary Policy Shocks.
Does poverty lead to crime? We shed light on this question using two independent and exogenous shocks to household income in rural India: the dramatic reduction in import tariffs in the early 1990s an...
Interlocking balance sheets through accounts receivable and accounts payable provides incentives necessary to sustain long production chains. We construct a model of incentives in production chains wh...
A planner sets a lump sum transfer and a linear tax on labor income in an economy with incomplete markets, heterogeneous agents, and aggregate shocks. The planner's concerns about redistribution impar...
This paper explores the geographic overlap of trade and technology shocks across local labor markets in the United States. Regional exposure to technological change, as measured by specialization in r...
We study the valuation and hedging problem of European options in a market subject to liquidity shocks. Working within a Markovian regime-switching setting, we model illiquidity as the inability to tr...
The article discusses the impact of bank mergers on small business lending and economic conditions in the U.S. According to the economists, the importance these organizations has increased due to rapi...
The paper analyses the transmission of US monetary policy shocks to global equity markets and the macroeconomic determinants of the underlying transmission process. We show that there is a substantial...

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