Heterogeneous Global Booms and Busts
研究了全球冲击如何导致不同国家出现异质性的繁荣和萧条模式，揭示了核心国与外围国的分化，以及外围国在危机中利率飙升、衰退更深的现象。
We investigate the heterogeneous boom and bust patterns across countries that emerge as a result of global shocks. Our analysis sheds light on the emergence of core and periphery countries, and the joint determination of the depth of recessions and tightness of credit across countries. The model implies that interest rates are similar across core and periphery countries in booms, with larger credit and output growth in periphery countries. However, a common global shock that leads to a credit crunch across the globe gives rise to a sharper spike in interest rates and a deeper recession in periphery countries, while a credit flight to the core alleviates the adverse consequences in these countries.