Transmission mechanisms are the channels through which monetary policy affects macroeconomic variables, such as GDP and inflation. Differences in transmission mechanisms can generate asymmetric behaviour among currency union partners when they experience shocks. This has the potential to widen...

The impact that oil shocks have on stock prices in oil exporting countries has implications for both domestic and international investors. We derive the shocks driving oil prices from a fully-identified structural model of the oil market. We study their nonlinear relationship with stock market...

This paper empirically tests the Ricardian equivalence hypothesis with a narrative measure of tax shocks developed in a widely cited paper by Romer and Romer (2010). In addition, the paper also assesses the robustness of the size of the tax multiplier in the post-WWII period. The present value,...