| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16245 |
| DP16245 Global Risk and the Dollar | |
| Georgios Georgiadis; Gernot Müller; Ben Schumann | |
| 发表日期 | 2021-06-10 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | How does global risk impact the world economy? In taking up this question, we focus on the dollar’s role in the international adjustment mechanism. First, we rely on high-frequency surprises in the price of gold to identify the effects of global risk shocks in a Bayesian Proxy VAR model. They cause a synchronized contraction of global economic activity and appreciate the dollar. Other key financial indicators adjust in line with predictions of recent theoretical work. Second, we illustrate through counterfactuals that the dollar appreciation amplifies the adverse impact of global risk shocks outside of the US via a financial channel. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Us dollar Safe-haven currencies Risk shocks Trade channel Financial channel Bayesian proxy structural var Minimum relative entropy Counterfactual monetary policy |
| URL | https://cepr.org/publications/dp16245-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545212 |
| 推荐引用方式 GB/T 7714 | Georgios Georgiadis,Gernot Müller,Ben Schumann. DP16245 Global Risk and the Dollar. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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