Pub Date : 2025-08-09DOI: 10.1016/j.jinteco.2025.104146
Jens H.E. Christensen , Nikola N. Mirkov , Xin Zhang
Through large-scale asset purchases, widely known as quantitative easing (QE), central banks around the world have affected the supply of safe assets by buying quasi-safe bonds in exchange for truly safe reserves. We examine the pricing effects of the European Central Bank’s bond purchases in the 2015–2021 period on an international panel of bond safety premia from four highly rated countries: Denmark, Germany, Sweden, and Switzerland. We find statistically significant negative effects for all four countries, highlighting an international spillover channel through which QE programs reduce bond safety premia by expanding the supply of truly safe assets.
{"title":"Quantitative easing and the supply of safe assets: Evidence from international bond safety premia","authors":"Jens H.E. Christensen , Nikola N. Mirkov , Xin Zhang","doi":"10.1016/j.jinteco.2025.104146","DOIUrl":"10.1016/j.jinteco.2025.104146","url":null,"abstract":"<div><div>Through large-scale asset purchases, widely known as quantitative easing (QE), central banks around the world have affected the supply of safe assets by buying quasi-safe bonds in exchange for truly safe reserves. We examine the pricing effects of the European Central Bank’s bond purchases in the 2015–2021 period on an international panel of bond safety premia from four highly rated countries: Denmark, Germany, Sweden, and Switzerland. We find statistically significant negative effects for all four countries, highlighting an international spillover channel through which QE programs reduce bond safety premia by expanding the supply of truly safe assets.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"157 ","pages":"Article 104146"},"PeriodicalIF":4.0,"publicationDate":"2025-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144865842","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-06DOI: 10.1016/j.jinteco.2025.104129
Hang Do , Kiet Tuan Duong , Luu Duc Toan Huynh , Nam T. Vu
Using the distance to the Irish border of UK firms that have not changed their location since the 2016 Referendum to isolate the effects of Brexit at the firm level, we find that Brexit implementation in 2020 caused exposed firms to cut their workforce by up to 15.7% on average relative to non-exposed firms. These exposed firms are also more likely to have lower growth expectations and more likely to increase their research and development (R&D) expenditure. In addition, having ex-ante trade exposure, either with or outside the EU, can help alleviate such negative effects of Brexit. Such results highlight the role of trade exposure and the expectation channel, and support the hypothesis that firms prioritize innovations in response to Brexit.
{"title":"The Real effects of Brexit on labor demand: Evidence from firm-level data","authors":"Hang Do , Kiet Tuan Duong , Luu Duc Toan Huynh , Nam T. Vu","doi":"10.1016/j.jinteco.2025.104129","DOIUrl":"10.1016/j.jinteco.2025.104129","url":null,"abstract":"<div><div>Using the distance to the Irish border of UK firms that have not changed their location since the 2016 Referendum to isolate the effects of Brexit at the firm level, we find that Brexit implementation in 2020 caused exposed firms to cut their workforce by up to 15.7% on average relative to non-exposed firms. These exposed firms are also more likely to have lower growth expectations and more likely to increase their research and development (R&D) expenditure. In addition, having ex-ante trade exposure, either with or outside the EU, can help alleviate such negative effects of Brexit. Such results highlight the role of trade exposure and the expectation channel, and support the hypothesis that firms prioritize innovations in response to Brexit.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"157 ","pages":"Article 104129"},"PeriodicalIF":4.0,"publicationDate":"2025-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144831571","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-05DOI: 10.1016/j.jinteco.2025.104140
Simon Alder
India and China followed different strategies in the design of their recent highway networks. India first focused on connecting the four largest economic centers of the country, the Golden Quadrilateral, while China had the explicit strategy of connecting intermediate-sized cities. This paper analyzes the aggregate and distributional effects of transport infrastructure in India based on a general equilibrium trade framework. I compare the effect of the Golden Quadrilateral to a counterfactual network that connects India’s intermediate-sized cities. To construct the counterfactual network, I propose a heuristic network design algorithm to maximize aggregate real income net of road construction costs in the general equilibrium model, and I show that the heuristic algorithm provides a good approximation of the optimal network. The results suggest that the actual network led to sizable aggregate gains but unequal effects across regions. The income-maximizing counterfactual network is substantially larger than the actual Indian network, would imply further aggregate gains, and would benefit the lagging regions of India.
{"title":"Chinese roads in India: The effect of transport infrastructure on economic development","authors":"Simon Alder","doi":"10.1016/j.jinteco.2025.104140","DOIUrl":"10.1016/j.jinteco.2025.104140","url":null,"abstract":"<div><div>India and China followed different strategies in the design of their recent highway networks. India first focused on connecting the four largest economic centers of the country, the Golden Quadrilateral, while China had the explicit strategy of connecting intermediate-sized cities. This paper analyzes the aggregate and distributional effects of transport infrastructure in India based on a general equilibrium trade framework. I compare the effect of the Golden Quadrilateral to a counterfactual network that connects India’s intermediate-sized cities. To construct the counterfactual network, I propose a heuristic network design algorithm to maximize aggregate real income net of road construction costs in the general equilibrium model, and I show that the heuristic algorithm provides a good approximation of the optimal network. The results suggest that the actual network led to sizable aggregate gains but unequal effects across regions. The income-maximizing counterfactual network is substantially larger than the actual Indian network, would imply further aggregate gains, and would benefit the lagging regions of India.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"157 ","pages":"Article 104140"},"PeriodicalIF":4.0,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144892229","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-05DOI: 10.1016/j.jinteco.2025.104139
Maximilian Boeck , Lorenzo Mori
We estimate a time-varying parameter vector autoregression to examine the evolution of international spillovers of U.S. monetary policy in light of increasing globalization in real and financial markets. We find that the adverse international effects of a U.S. tightening have substantially increased over the past three decades, peaking during the Great Recession before stabilizing – a timing that aligns well with observed trends in globalization and slowbalization dynamics. Cross-country analysis and counterfactual simulations suggest that the estimated amplification of the spillover effects over time has been primarily driven by the surge in trade integration, while rising financial integration has contributed only modestly.
{"title":"Has globalization changed the international transmission of U.S. monetary policy?","authors":"Maximilian Boeck , Lorenzo Mori","doi":"10.1016/j.jinteco.2025.104139","DOIUrl":"10.1016/j.jinteco.2025.104139","url":null,"abstract":"<div><div>We estimate a time-varying parameter vector autoregression to examine the evolution of international spillovers of U.S. monetary policy in light of increasing globalization in real and financial markets. We find that the adverse international effects of a U.S. tightening have substantially increased over the past three decades, peaking during the Great Recession before stabilizing – a timing that aligns well with observed trends in globalization and slowbalization dynamics. Cross-country analysis and counterfactual simulations suggest that the estimated amplification of the spillover effects over time has been primarily driven by the surge in trade integration, while rising financial integration has contributed only modestly.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"157 ","pages":"Article 104139"},"PeriodicalIF":4.0,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144780981","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-05DOI: 10.1016/j.jinteco.2025.104137
Sheng Cai , Wei Xiang
We develop a tractable growth model to study the dynamic macroeconomic effects of multinational production (MP) across countries. In this framework, MP serves as the channel of international idea diffusion: when firms operate in a foreign country, they contribute to the local stock of knowledge. By embedding this mechanism into a quantitative model of trade and MP, we characterize the evolution of bilateral MP flows, trade flows, and technology dynamics across 54 economies. Counterfactual analysis reveals that reduction in MP costs boosted economic growth, especially in developing economies. We show that a 10-year MP sanction on Russia would reduce the welfare by 9.11%, although the immediate effect is small. We find that increasing outward MP costs for U.S. firms has immediate positive wage effects but negative growth implications. Additionally, a 10% increase in U.S. inward trade costs results in a 0.2% decline in the country’s present value of welfare.
{"title":"Multinational production, technology diffusion, and economic growth","authors":"Sheng Cai , Wei Xiang","doi":"10.1016/j.jinteco.2025.104137","DOIUrl":"10.1016/j.jinteco.2025.104137","url":null,"abstract":"<div><div>We develop a tractable growth model to study the dynamic macroeconomic effects of multinational production (MP) across countries. In this framework, MP serves as the channel of international idea diffusion: when firms operate in a foreign country, they contribute to the local stock of knowledge. By embedding this mechanism into a quantitative model of trade and MP, we characterize the evolution of bilateral MP flows, trade flows, and technology dynamics across 54 economies. Counterfactual analysis reveals that reduction in MP costs boosted economic growth, especially in developing economies. We show that a 10-year MP sanction on Russia would reduce the welfare by 9.11%, although the immediate effect is small. We find that increasing outward MP costs for U.S. firms has immediate positive wage effects but negative growth implications. Additionally, a 10% increase in U.S. inward trade costs results in a 0.2% decline in the country’s present value of welfare.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"157 ","pages":"Article 104137"},"PeriodicalIF":4.0,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144780977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-07-25DOI: 10.1016/j.jinteco.2025.104130
Nikhil Patel, Adrian Peralta-Alva
Public debt to GDP ratios have experienced significant fluctuations over both short and long horizons. Notably, the ratio spiked globally in 2020 due to the COVID-19 pandemic, before retracting substantially by 2022. To elucidate the driving forces behind these movements, we develop a structural decomposition of debt dynamics using a Structural Vector Autoregression (SVAR) identified through narrative sign restrictions. Analyzing data from 17 advanced economies since the 1980s, we find that shocks to GDP growth and interest rates collectively account for more than half of the observed annual variation in debt to GDP ratios, while discretionary fiscal policy changes contribute less than 20%. Our analysis also reveals that the primary balance multiplier on GDP is minimal. We reconcile our findings with existing literature by demonstrating that previous discrepancies arise largely from differences in shock identification methods, but also on account of cross-country heterogeneity.
{"title":"High public debts: Are shocks or discretionary fiscal policy to blame?","authors":"Nikhil Patel, Adrian Peralta-Alva","doi":"10.1016/j.jinteco.2025.104130","DOIUrl":"10.1016/j.jinteco.2025.104130","url":null,"abstract":"<div><div>Public debt to GDP ratios have experienced significant fluctuations over both short and long horizons. Notably, the ratio spiked globally in 2020 due to the COVID-19 pandemic, before retracting substantially by 2022. To elucidate the driving forces behind these movements, we develop a structural decomposition of debt dynamics using a Structural Vector Autoregression (SVAR) identified through narrative sign restrictions. Analyzing data from 17 advanced economies since the 1980s, we find that shocks to GDP growth and interest rates collectively account for more than half of the observed annual variation in debt to GDP ratios, while discretionary fiscal policy changes contribute less than 20%. Our analysis also reveals that the primary balance multiplier on GDP is minimal. We reconcile our findings with existing literature by demonstrating that previous discrepancies arise largely from differences in shock identification methods, but also on account of cross-country heterogeneity.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"158 ","pages":"Article 104130"},"PeriodicalIF":4.0,"publicationDate":"2025-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145047347","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-07-17DOI: 10.1016/j.jinteco.2025.104124
Robin Kaiji Gong , Yao Amber Li , Kalina Manova , Stephen Teng Sun
We investigate how international patent activity enables firms from emerging economies to thrive in the global marketplace. We match Chinese customs data to US patent records, and leverage the quasi-random assignment of USPTO patent examiners to identify the causal effect of a US patent grant on the subsequent export performance of Chinese firms. Successful first-time patent applicants achieve significantly higher export growth, compared to otherwise similar first-time applicants that failed. This effect operates only in small part through market protection for technologically patent-related products in the US, and is largely driven by expansion in other markets. The response across destinations and products reveals that a US patent award signals the Chinese firm’s capacity to produce high-quality products and credibility to honor contracts, mitigating information frictions in international trade. There is little evidence for the relaxation of financial constraints or the promotion of follow-on innovation.
{"title":"Tickets to the global market: First US patent award and Chinese firm exports","authors":"Robin Kaiji Gong , Yao Amber Li , Kalina Manova , Stephen Teng Sun","doi":"10.1016/j.jinteco.2025.104124","DOIUrl":"10.1016/j.jinteco.2025.104124","url":null,"abstract":"<div><div>We investigate how international patent activity enables firms from emerging economies to thrive in the global marketplace. We match Chinese customs data to US patent records, and leverage the quasi-random assignment of USPTO patent examiners to identify the causal effect of a US patent grant on the subsequent export performance of Chinese firms. Successful first-time patent applicants achieve significantly higher export growth, compared to otherwise similar first-time applicants that failed. This effect operates only in small part through market protection for technologically patent-related products in the US, and is largely driven by expansion in other markets. The response across destinations and products reveals that a US patent award signals the Chinese firm’s capacity to produce high-quality products and credibility to honor contracts, mitigating information frictions in international trade. There is little evidence for the relaxation of financial constraints or the promotion of follow-on innovation.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"157 ","pages":"Article 104124"},"PeriodicalIF":3.8,"publicationDate":"2025-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144703988","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-07-01DOI: 10.1016/j.jinteco.2025.104136
Carlos Carvalho , Andrea Ferrero , Felipe Mazin , Fernanda Nechio
We explore implications of demographic trends for real interest rates across countries and over time in a tractable multicountry model with imperfect capital mobility. We calibrate it to examine how the interaction of international financial integration and both domestic and foreign demographics shapes low-frequency movements in a country’s real rate. In more financially integrated countries, real rates are more sensitive to global developments than to domestic factors. We estimate panel error-correction models relating real rates to various drivers, imposing some structure informed by the model. Empirical results confirm global factors and domestic demographics are robust determinants of real rates. Alternative specifications highlight the importance of accounting for time-varying financial integration and a broad set of real rate drivers. Both model and empirical results suggest demographic trends explain a meaningful share of the global decline in real rates. Given projections, demographics should continue to exert downward pressure on real rates.
{"title":"Reprint of: Demographics and real interest rates across countries and over time","authors":"Carlos Carvalho , Andrea Ferrero , Felipe Mazin , Fernanda Nechio","doi":"10.1016/j.jinteco.2025.104136","DOIUrl":"10.1016/j.jinteco.2025.104136","url":null,"abstract":"<div><div>We explore implications of demographic trends for real interest rates across countries and over time in a tractable multicountry model with imperfect capital mobility. We calibrate it to examine how the interaction of international financial integration and both domestic and foreign demographics shapes low-frequency movements in a country’s real rate. In more financially integrated countries, real rates are more sensitive to global developments than to domestic factors. We estimate panel error-correction models relating real rates to various drivers, imposing some structure informed by the model. Empirical results confirm global factors and domestic demographics are robust determinants of real rates. Alternative specifications highlight the importance of accounting for time-varying financial integration and a broad set of real rate drivers. Both model and empirical results suggest demographic trends explain a meaningful share of the global decline in real rates. Given projections, demographics should continue to exert downward pressure on real rates.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"156 ","pages":"Article 104136"},"PeriodicalIF":4.0,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144889764","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-07-01DOI: 10.1016/j.jinteco.2025.104132
Sushant Acharya , Edouard Challe
We study optimal monetary policy in a tractable Small Open Economy Heterogeneous-Agent New Keynesian (SOE-HANK) model in which households face uninsured idiosyncratic risk and unequal bond-market access. We derive conditions under which optimal policy in our SOE-HANK economy entails domestic producer price stability, extending the ”open-economy divine coincidence” result of Galí and Monacelli (2005) beyond the Representative-Agent benchmark (SOE-RANK). Away from those conditions, inefficient fluctuations in consumption inequality generate monetary policy tradeoffs. Under plausible calibrations for the trade elasticities, the elasticity of intertemporal substitution, and the cyclicality of income risk, the central bank stabilizes output and the exchange rate more than in SOE-RANK.
{"title":"Reprint of: Inequality and optimal monetary policy in the open economy","authors":"Sushant Acharya , Edouard Challe","doi":"10.1016/j.jinteco.2025.104132","DOIUrl":"10.1016/j.jinteco.2025.104132","url":null,"abstract":"<div><div>We study optimal monetary policy in a tractable Small Open Economy Heterogeneous-Agent New Keynesian (SOE-HANK) model in which households face uninsured idiosyncratic risk and unequal bond-market access. We derive conditions under which optimal policy in our SOE-HANK economy entails domestic producer price stability, extending the ”open-economy divine coincidence” result of Galí and Monacelli (2005) beyond the Representative-Agent benchmark (SOE-RANK). Away from those conditions, inefficient fluctuations in consumption inequality generate monetary policy tradeoffs. Under plausible calibrations for the trade elasticities, the elasticity of intertemporal substitution, and the cyclicality of income risk, the central bank stabilizes output and the exchange rate more than in SOE-RANK.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"156 ","pages":"Article 104132"},"PeriodicalIF":4.0,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144889762","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-07-01DOI: 10.1016/j.jinteco.2025.104100
Ester Faia , Karen K. Lewis , Haonan Zhou
We re-examine monetary policy spillovers to Emerging Market Economies (EME) in the form of capital flow reversals, using sectoral-level securities holdings data for Euro Area investors. In response to a surprise monetary tightening, active investors such as investment funds re-balance their portfolios away from EME, while more passive, long term investors such as insurance funds and banks exhibit no significant reaction on average. For active investors, the reallocation out of EME appears stronger under synchronized monetary tightening between the Fed and the ECB. However, these investors may even inject more capital to EME securities when the monetary tightening surprises contain positive news about the Euro Area economy. Issuers’ monetary–fiscal stability may explain the heterogeneous impact of these spillovers.
{"title":"Do investor differences impact monetary policy spillovers to emerging markets?","authors":"Ester Faia , Karen K. Lewis , Haonan Zhou","doi":"10.1016/j.jinteco.2025.104100","DOIUrl":"10.1016/j.jinteco.2025.104100","url":null,"abstract":"<div><div>We re-examine monetary policy spillovers to Emerging Market Economies (EME) in the form of capital flow reversals, using sectoral-level securities holdings data for Euro Area investors. In response to a surprise monetary tightening, active investors such as investment funds re-balance their portfolios away from EME, while more passive, long term investors such as insurance funds and banks exhibit no significant reaction on average. For active investors, the reallocation out of EME appears stronger under synchronized monetary tightening between the Fed and the ECB. However, these investors may even inject more capital to EME securities when the monetary tightening surprises contain positive news about the Euro Area economy. Issuers’ monetary–fiscal stability may explain the heterogeneous impact of these spillovers.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"156 ","pages":"Article 104100"},"PeriodicalIF":4.0,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144889763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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