The eurozone remains in a deep, largely macro-economic crisis. A robust global economy and falling oil prices have supported Europeś economy for some time, but by now it is clear that the eurozone will only be able to pull itself out of this crisis by means of more decisive action. One...

We study the characteristics of inflation targeting as a shock absorber, using quarterly data for a large panel of countries. To overcome an endogeneity problem between monetary regimes and the likelihood of crises, we propose to study large natural disasters. We find that inflation targeting...

This study examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing...