vectors for the production function and the real money demand function to recover the structural output and money gaps for …

analyzes the relationship between the market structure of the nonprimary sectors and equilibrium adjustments to shocks in the …

financial deepening, diversification, and stability. We also argue that the proposed reform is consistent with market incentives …

This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate … main results suggest that an exogenous increase in the short-term interest rate tends to be followed by a decline in prices … variations in the short-term interest rate account for significant fluctuations in the nominal exchange rate and prices, while …

Central bank collateral policies came under pressure with the 2007-08 financial market crisis. This paper addresses the … the risks of adverse selection. The paper concludes that (i) the collateral framework needs to include market incentives … bank facilities, both during normal times and in periods of market stress. …

insurance value of reserves is quantified as the market price of an equivalent option that provides the same insurance coverage …

that the production sequence of final consumption goods stretches across both countries and is associated with vertical … trade. Prices of final consumption goods are sticky in the consumer's currency. Pursuing an inward-looking policy, as … price indices is dominated by rules that allow for some fluctuations in prices such as nominal income or monetary targeting. …