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  • Andrés Fernández, Stephanie Schmitt-Grohé, and Martín Uribe, NBER International Seminar on Macroeconomics 2016 (Journal of International Economics, Volume 108, Supp. 1 (Elsevier), 2016), chap. 1, https://www.nber.org/books-and-chapters/nber-international-seminar-macroeconomics-2016/world-shocks-world-prices-and-business-cycles-empirical-investigation.

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Most existing studies of the macroeconomic effects of global shocks assume that they are mediated by a single...

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