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Impulse response functions show that increased uncertainty caused a rise in inflation contemporaneously and for a few months afterward in GAPH, but this effect was absent or much more limited for the other European countries in our sample.

We demonstrate that fluctuations in risk premiums, and not risk-free rates and dividends, account for a large part of the observed equity price synchronization after 1990. These fluctuations are transmitted across both fixed and floating exchange rate regimes, but the effects are more muted in floating rate regimes.

Our model successfully generates the estimated positive local multiplier, a result that distinguishes our incomplete markets model from models with complete markets.

The aggregate consumption multiplier is 0.4, which implies an output multiplier higher than one.

There have only been modest differences between high and low deposit-ratio banks’ changes in interest expenses; high deposit banks do not seem disproportionately vulnerable to negative rates.

Overall, our results indicate surprisingly benign implications of negative rates for commercial banks thus far.

Even before the release of his first album, Wheesung attracted attention from music lovers after being highly praised by veteran singers Shin Seung Hoon, Yang Hyun Suk and Seo Taiji.; born February 5, 1982), better known by his stage name Wheesung, is a South Korean R&B singer, record producer, and musical theatre actor.