The paper studies co-movement in capital flows, which gives rise to a phenomenon dubbed the global financial cycle. It first estimates a global common factor in capital flows using a factor model and draws inferences of its quantitative importance. Then ...

The paper revises the redistributive channels of monetary policy transmission and their impact on income and wealth distributions in a New-Keynesian Overlapping Generations (OLG) model. The model mimics total asset holdings and earnings processes of several types of households across ...