, financial sector depth, country risk, a measure of cost of insurance, and the World Bank governance indexes. We find that …

sectors via the destruction of capital stocks and jumps in risk premia. These disruptions often entail negative feedback e … explore this causal nexus and the e?ects of rare large disasters resulting in capital losses and rising risk premia. Our …

This paper uses the Growth-at-Risk (GaR) methodology to examine how macrofinancial conditions affect the growth outlook …

The growth-at-risk (GaR) framework links current macrofinancial conditions to the distribution of future growth. Its … GaR analysis, policymakers can quantify the likelihood of risk scenarios, which would serve as a basis for preemptive …

vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk …

Though theory suggests financial globalization should improve international risk sharing, empirical support has been … limited. We develop a simple welfare-based measure that captures how far countries are from the ideal of perfect risk sharing …. We then take it to data and find international risk sharing has, indeed, improved during globalization. Improved risk …

This paper estimates an empirical nonstationary panel regression model that tests long-run consumption risk sharing … risk sharing, which is mainly about risks at business cycle frequency. Since our methodology focuses on identifying … cointegrating relationships while allowing for arbitrary short-run dynamics, we can obtain a consistent estimate of long-run risk …

consumption across countries from the predictions of models with full risk sharing. It is commonly believed that these risk … that the full risk sharing equilibrium may not require much diversification of equity portfolios when there is price …