We document that the real effects of monetary shocks last for over a decade. Our approach
relies on (1) identification of exogenous and non-systematic monetary shocks using the …

The study uses aggregate and manufacturing sector data for a group of ten OECD countries
for the period 1971 to 1995 to estimate a system of two equations implied by a model of R&D …

This article provides a general framework to study the role of production networks in
international GDP comovement. We first derive an additive decomposition of bilateral GDP …

Military spending has sizable effects on long-run growth because it shifts the composition of
public spending towards R&D. This boosts innovation and private investment in the medium …

This paper reassesses, at the light of economic and financial theory, the well-documented
recent evolution of the euro area public debt and equity markets. Doing so leads to …

The database contains three productivity variables: labor productivity levels, labor
productivity growth rates, and total factor productivity (TFP) growth rates for up to 172 …

We propose a novel identification scheme for a nontechnology business cycle shock, which
we label “sentiment”. This is a shock orthogonal to identified surprise and news TFP shocks …

Labor economists have long been interested in why it is that markets for labor do not behave
like markets for many other goods and services. In particular, many labor markets are …

This paper argues that the correlation of business cycles across countries is largely due to
linkages between multinational firms and their foreign affiliates. There are very few foreign …

To understand the determinants of financial crises, previous research focused on
developments closely related to financial markets. In contrast, this paper considers changes …