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Do good institutions promote counter-cyclical macroeconomic policies?
Calderón, César; Duncan, Roberto; Schmidt-Hebbel, Klaus - Federal Reserve Bank of Dallas - 2012
The literature has argued that developing countries are unable to adopt counter-cyclical monetary and fiscal policies due to financial imperfections and unfavorable politicaleconomy conditions. Using a world sample of 115 industrial and developing countries for 1984-2008, we find that the level...
Persistent link: https://www.econbiz.de/10011026846
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Export shocks and the zero bound trap
Fujiwara, Ippei - Federal Reserve Bank of Dallas - 2010
When a small open economy experiences a sufficiently large negative export shock, it is vulnerable to falling into a … zero bound trap. In addition, such a shock can have very large impact on the economy compared to the case when the zero …
Persistent link: https://www.econbiz.de/10008690997