benign international environment, this approach makes it unlikely that the economy will face a collapse in growth. But there … benign international environment, this approach makes it unlikely that the economy will face a collapse in growth. But there …

financial frictions. The political economy surrounding distributional consequences can sometimes lead to policy measures that …

). We show that incorporating forward-looking expectations into standard open economy structural VAR models resolves these …

, however, is that there seem to be certain "threshold" levels of financial and institutional development that an economy needs …