Recent major economic shocks such as Brexit, US-China trade tensions, the COVID-19 pandemic and the Russian sanctions have led to renewed interest in the impact of trade policies and trade disruption on macroeconomic variables. The scale of these events has meant that quantification can spill...

The post world war II era has been characterized by unprecedented growth in the world economy and progressive reduction in barriers to international trade and investment. The objective of this study is to assess to what extent the observed growth and deepening international economic integration...

This report analyses the broad risks associated with sectoral output disruptions both domestically and abroad, examining several exposure metrics. The results indicate that domestic shocks generally have larger sectoral impacts than foreign shocks. In most cases, foreign production disruptions...

COVID-19 has drawn renewed attention to the economic importance of cross border mobility. Frictions in cross border mobility of labour can substantially impact the economy and international trade, by causing a long-term decrease in net migration that would alter the labour supply in many...

We show in a union-bargaining model that a decrease in the unemployment benefit level increases not only equilibrium employment, but also nominal wage flexibility, and thus reduces employment variations in the case of nominal shocks. Long-term wage contracts lead to higher expected real wages...