The paper evaluates some proposals for macroeconomic stabilization in an open economy, which take the form of simple … monetary policy stabilizes the exchange rate at its target zone level. Our analysis shows that control rules for open economy …

This paper studies the interactions of fiscal and monetary policy when they stabilise a single economy against shocks … in a dynamic setting. We assume that fiscal and monetary policies both stabilise the economy only by causing changes to … the fiscal authority allows monetary policy to perform nearly all of the burden of stabilising the economy. If the …

-debt economy, it may be optimal for discretionary monetary policy to cut the interest rate in response to a cost-push shock …

What can history can tell us about the relationship between the banking system, financial crises, the global economy … ever before as measured by importance of credit in the economy. I term this long-run evolution “The Great Leveraging” and …