Vegh, Carlos; Federico, Pablo; Vuletin, Guillermo - National Bureau of Economic Research (NBER) - 2014
monetary policy. We find that (i) around two thirds of developing countries have used RR policy as a macroeconomic … countries that rely on RR use them countercyclically; and (iii) in many developing countries, monetary policy is procyclical and … hence RR policy has substituted monetary policy as a countercyclical tool. We interpret the latter finding as reflecting the …