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Our results suggest that workers migrate from exporting municipalities to other non-exporting municipalities within the same firm economic group.We bring the notion of connectedness (Diebold and Yilmaz, Int J Forecast 28(1)57-66 2012) to a set of two critical macroeconomic variables as inflation and unemployment. We focus on the G7 economies plus Spain, and use monthly data-high-frequency data in a macro setting-to explore the extent and consequences of total and directional volatility spillovers across variables and countries. We find
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