This paper contributes to the debate on the decoupling of emerging economies (EEs) from advanced economies (AEs), by measuring how the resilience of EEs to external shocks (i.e. shocks spreading from AEs) has changed over time and whether EEs are relatively more vulnerable to real or financial...

We construct and estimate a model that features endogenous growth and technology diffusion. The spillover effects from research and development provide a link between business cycle fluctuations and long-term growth. Therefore, productivity growth is related to the state of the economy. Shocks...

The purpose of this paper is to examine the role of multilateral adjustment to U.S. external imbalances in driving bilateral real exchange rate movements by developing a new regime-switching model that consists of a Markov-switching model with a time-varying transition matrix that depends on a...