We build a new empirical model to estimate the global impact of an increase in volatility US monetary policy shocks. Specifically, we admit time-varying variances local structural shocks from stochastic specification. By allowing for rich dynamic interaction between endogenous variables and setting, find that interest rate uncertainty not only drives output inflation volatility, but also causes...

The United States’ relations with Cuba are rooted in the US intervention in the process of Cuba’s independence from Spain in the 1890s. The US preserved its interest-based approach towards Cuba during the first half of the 20th century, which culminated in the Cuba’s counter-hegemonic revolution in 1959. This revolution led to more than fifty years of hostility between two countries, which took...