Motivated by the build-up of shadow bank leverage prior to the financial crisis of 2007–2008,
I develop a nonlinear macroeconomic model featuring excessive leverage accumulation …

In a structural dynamic model that incorporates two broad production sectors with different
carbon emissions, we find that climate policy uncertainty (CPU) shocks (i) lower the market …

We show that the US dollar response to trade policy uncertainty (TPU) is key to assessing
the impact of US trade policy. Employing structural vector autoregressive models, we find …

In October 2021, the Bank of Russia and the New Economic School (NES) hosted a joint
international online workshop titled 'Main Challenges in Banking: Risks, Liquidity, Pricing …

This economic memo isolates two channels through which the" corona shock" affects the
economy: a fall in asset prices and an increase in the dispersion of future shocks to the …

В начале октября 2021 г. Банк России и Российская экономическая школа провели
совместный международный онлайн-семинар «Основные вызовы для банков сегодня …

This thesis investigates topics in macroeconomics with nonlinear dynamics as their inherent
feature. It aims to further the understanding of the connection between the financial sector …

Further progress in digital money, electronically stored monetary value, may enable pricing
in units of any currency in any country. This paper studies monetary policy in such a world …