For Central, Eastern and Southeastern European (CESEE) countries, the euro area is the most important export destination. Nevertheless, geographical export patterns differ among individual CESEE countries, and economic growth within the euro area has diverged in the run-up to and since the...

The international business cycle is very important for Latin America’s economic performance as the recent global crisis vividly illustrated. This paper investigates how changes in trade linkages between China, Latin America, and the rest of the world have altered the transmission mechanism of...

This paper analyzes the transmission of shocks and policies among and across the Nordic economies and the rest of the world. This spillover analysis is based on a pair of estimated structural macroeconometric models of the world economy, disaggregated into thirty five national economies. We find...

Both global and regional economic linkages have strengthened substantially over the past quarter century. We employ a dynamic factor model to analyze the implications of these linkages for the evolution of global and regional business cycles. Our model allows us to assess the roles played by the...

This paper tests if real and financial linkages between countries can explain why movements in the world’s largest markets often have such large effects on other financial markets, and how these cross-market linkages have changed over time. It estimates a factor model in which a...

This paper tests if real and financial linkages between countries can explain why movements in the world’s largest markets often have such large effects on other financial markets, and how these cross-market linkages have changed over time. It estimates a factor model in which a...

This paper tests if real and financial linkages between countries can explain why movements in the world’s largest markets often have such large effects on other financial markets, and how these cross-market linkages have changed over time. It estimates a factor model in which a...