We show that an increase in aggregate uncertainty - measured by stock market volatility - reduces productivity growth more in industries that depend heavily on external finance. The mechanism at play is that during periods of high uncertainty, firms that are credit constrained switch the...

How does domestic monetary policy in systemic countries spillover to the rest of the world? This paper examines the transmission channel of domestic monetary policy in the crossborder context. We use exogenous shocks to monetary policy in systemically important economies, including the U.S., and...

Summary of Banco de España Working Paper no. 1938

We find that data transparency policy reforms, reflected in subscriptions to the IMF's Data Standards Initiatives (SDDS and GDDS), reduce the spreads of emerging market sovereign bonds. To overcome endogeneity issues regarding a country's decision to adopt such reforms, we first show that the...

Although much is known about labor market dynamics under technology shocks in advanced economies, this is not true for developing economies. This study bridges this gap in the literature by establishing new stylized facts in labor market dynamics. First, the response of hours worked (and...