Working Papers

The WNE Working Papers series has been published by the Faculty of Economic Sciences at the University of Warsaw since 2008.

The WNE Working Papers series provides a fast, open channel for disseminating research conducted at the Faculty of Economic Sciences, University of Warsaw. The papers hosted here are working versions (pre-prints) and may evolve as authors refine their analyses, incorporate feedback, or progress through formal peer-review. What you read is the current version released by the authors, timestamped and assigned DOI/ISSN identifiers to ensure precise citation and version tracking. Copyright remains with the authors, who may, at any time, upload a revised file or add a note directing readers to a later, peer-reviewed publication.

The Working Papers series accepts articles by research employees of the Faculty and publications from conferences organised at the Faculty of Economic Sciences at the University of Warsaw. Articles should be original research papers which have not been previously published, on the subject of economics.

Please send your paper by e-mail: WS}y]39E'={O+?s[nU06_diGwIJ]#[OCpeG|{2d#aBzVkJT^$.hJN9$63 

Please send 2 files:

(1) the main text without the title of the article and the authors (DOC/DOCX file) and

(2) the title page including: the title of the paper, the authors and their affiliation (DOC/DOCX file).

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Number of Results 2

WP(6/2025)469. US macroeconomic shocks and international business cycle

Authors: Wesołowski Grzegorz, Oleg Gurshev
This paper estimates the role of six shocks originating in the United States in driving the international business cycle. To this end, it employs impulse response functions and forecast error variance decomposition from panel local projections. We fi…

WP469. US macroeconomic shocks and international business cycle

This paper estimates the role of six shocks originating in the United States in driving the international business cycle. To this end, it employs impulse response functions and forecast error variance decomposition from panel local projections. We find that key macroeconomic shocks originating in the United States contribute significantly to business cycle synchronization between the US and other economies. These shocks also account for a substantial part of output fluctuations in these economies. Considering individual shock contributions, we document that technology and monetary policy innovations are of the highest relevance.


DOI: https://doi.org/10.33138/2957-0506.2025.6.469 WNE_WP469.pdf
Wesołowski Grzegorz, Oleg Gurshev
Macroeconomic shocks International spillovers International business cycles Technology shocks Monetary policy Financial shocks Fiscal policy Investment shocks

WP(22/2017)251. Long shadows of financial shocks: an endogenous growth perspective

Authors: Bielecki Marcin
The Great Recession has resulted in a seemingly permanent level shift in many macroeconomic variables. This paper presents a microfounded general equilibrium model featuring frictional labor markets and financial frictions that generates procyclical …

WP251. Long shadows of financial shocks: an endogenous growth perspective

The Great Recession has resulted in a seemingly permanent level shift in many macroeconomic variables. This paper presents a microfounded general equilibrium model featuring frictional labor markets and financial frictions that generates procyclical R&D expenditures and replicates business cycle features of establishment dynamics. This allows demonstrating the channels through which productivity and financial shocks influence the aggregate endogenous growth rate of the economy, creating level shifts in its balanced growth path. I find that financial shocks are an important driver of the aggregate fluctuations and their influence is especially pronounced for establishment entry. Since the growth rate of the economy can in principle be affected by policy measures, I examine the macroeconomic and welfare effects of applying several subsidy schemes.


DOI: https://doi.org/10.26405/WP/WNE/2017/251/022
Bielecki Marcin
business cycles establishment dynamics endogenous growth working capital financial shocks
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