In this paper we assess the effectiveness of macroprudential policies and capital controls in supporting financial stability. We construct a large and granular dataset on prudential and capital flow management measures covering 53 countries during 1996-2016. Conditional on a credit boom, we...

Intro -- Contents -- I. Introduction -- II. Empirical Studies on Pricing Behavior -- III. Some Stylized Facts-Cross-Sectional Evidence -- IV. What Explains the High Frequency of Price Changes? -- V. What Determines the Frequency of Price Changes Over Time? -- VI. Conclusions -- References --...

Abstract: Both global and regional economic linkages have strengthened substantially over the past quarter century. We employ a dynamic factor model to analyze the implications of these linkages for the evolution of global and regional business cycles. Our model allows us to assess the roles...

This paper analyzes spillovers from macroeconomic shocks in systemic economies (China, the Euro Area, and the United States) to the Middle East and North Africa (MENA) region as well as outward spillovers from a GDP shock in the Gulf Cooperation Council (GCC) countries and MENA oil exporters to...

Intro -- Contents -- I. INTRODUCTION -- II. VOLATILITY AND PREDICTABILITY OF AID: WHAT EXACTLY IS THE ISSUE? -- III. DATA AND MEASUREMENT ISSUES -- IV. MEASURING THE VARIABILITY OF AID: THREE APPROACHES -- V. CONCLUSIONS AND POLICY IMPLICATIONS -- REFERENCES.

Intro -- Contents -- I. INTRODUCTION -- II. INTEREST RATES AND BUSINESS CYCLES -- III. THE GLOBAL ECONOMY MODEL WITH THE FINANCIAL ACCELERATOR -- IV. THE EFFECTS OF A 1 PERCENT U.S. INTEREST RATE HIKE -- V. A REPEAT OF THE GLOBAL BOND MARKET ROUT OF 1994? -- VI. WHAT ROLE FOR MONETARY POLICY? --...

Intro -- Contents -- I. INTRODUCTION -- II. MACROECONOMIC VOLATILITY IN LATIN AMERICA: A HISTORICAL PERSPECTIVE -- III. ROLE OF MACROECONOMIC POLICIES -- IV. WHAT'S NEW THIS TIME AROUND? -- V. REMAINING AGENDA -- VI. CONCLUDING REMARKS -- REFERENCES.

With a fixed peg to the U.S. dollar for more than three decades, the tourism-dependent Eastern Caribbean Currency Union (ECCU) countries share a close economic relationship with the U.S. This paper analyzes the impact of the United States on ECCU business cycles and identifies possible...

This paper develops country-specific VAR models with block exogeneity restrictions to analyze how exogenous factors affect business cycles in the Eastern Caribbean. It finds that external shocks play a key role, explaining more than half of macroeconomic fluctuations in the region. Domestic...