This paper offers an evaluation of the output contribution of infrastructure. Using a panel time
series approach and a large cross‐country dataset, the paper estimates a long‐run …

This paper proposes a new explanation for the failure of Uncovered Interest Parity (UIP) that
rationalizes both the classic UIP puzzle and the evidence that the puzzle reverses direction …

We use a factor model with stochastic volatility to decompose the time-varying variance of
macroeconomic and financial variables into contributions from country-specific uncertainty …

Focusing on the 10 most traded currencies, we provide empirical evidence regarding a
significant heterogeneous exposure to global growth news shocks. We incorporate this …

This paper offers an evaluation of the output contribution of infrastructure. Drawing from a
large data set of infrastructure stocks covering 88 countries and spanning the years 1960 …

Several theoretical contributions using two-country models have combined alternative forms
of pricing under nominal rigidities with different asset market structures to explain real …

In this paper, we first introduce investment-specific technology (IST) shocks to an otherwise
standard international real business cycle model and show that a thoughtful calibration of …

How much stimuli that should be attributed to R&D investments crucially depends on how
the benefits of R&D reverberate throughout the economy. An extensive literature has found …

We study the response of international investment flows to shortand long-run growth news.
Among developed G7 countries, positive long-run news for domestic productivity induces a …

The dynamic stochastic general equilibrium (DSGE) models that are used to study business
cycles typically assume that exogenous disturbances are independent autoregressions of …