ECB paper models heterogeneous shock transmissions

ecb-frankfurt

A working paper published by the ECB on November 28 models the transmission of macroeconomic and financial shocks between countries, suggesting that countries are closely linked but to differing degrees.

The authors, Matteo Ciccarelli, Eva Ortega and Maria Teresa Valderrama, study data for the Group of Seven countries plus three additional European countries over the period from 1980 to 2011. The paper finds that recessions over the period had both common and idiosyncratic components, and that

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