This paper investigates empirically the role of the commodity price super cycle in explaining real activity in developed and emerging economies. The commodity price super cycle is defined as a common permanent component in real commodity prices. Estimates using quarterly and annual data from...

To explain the fact that government spending and tax policy are procyclical in emerging and developing countries, we develop a model for the joint behavior of optimal tax rates and government spending over the business cycle. Our set-up relies on financial frictions, which have been shown to be...

We build a new dataset using textual analysis, from which we document a set of stylized facts regarding the use of capital controls, along their intensive and extensive margins for 21 emerging markets, with a focus on priced-based controls. We document that capital controls are “sticky”;...