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Efrem Castelnuovo

Working paper

Uncertainty and monetary policy during extreme events

How damaging are uncertainty shocks during extreme events such as the great recession and the COVID-19 outbreak? Can monetary policy limit output losses in such situations? This paper outlines economic modelling for policymakers.
Working paper

Economic policy uncertainty spillovers in booms and busts

We estimate a nonlinear VAR to quantify the impact of economic policy uncertainty shocks originating in the US on the Canadian unemployment rate in booms and busts.