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The global economy has experienced several significant developments during the recent years: the rising role of giant Asian economies in international trade; the 2008 financial crisis and the ensuing Great Recession in the US, with its propagation to the rest of the world; the sharp rise and subsequent burst of commodity prices over 2006-2009. In this paper, the authors use a multi-region DSGE model for the global economy as a simple framework to understand the global response to these shocks and the importance of the propagation to different regions.
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