The paper aims at understanding the main channels of macro-finance interaction that have featured in the US recent "Great Recession" episode. Domestic interactions of macro and financial shocks are investigated within a global framework, allowing for spillover effects of the US crisis to other OECD countries, as well as to major emerging economies, and controlling for further feedback effects on the US economy.
Morana, C., Bagliano, F. (2011). Macro-finance interactions in the US: A global perspective. In M. Balling M. and D.T. Llewellyn (a cura di), New Paradigms in Money and Finance (pp. 141-161). Vienna : SUERF - The European Money and Finance Forum.
Macro-finance interactions in the US: A global perspective
Morana, C;
2011
Abstract
The paper aims at understanding the main channels of macro-finance interaction that have featured in the US recent "Great Recession" episode. Domestic interactions of macro and financial shocks are investigated within a global framework, allowing for spillover effects of the US crisis to other OECD countries, as well as to major emerging economies, and controlling for further feedback effects on the US economy.
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