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Monetary Policy Cyclicality in Emerging Economies

De Leo, Pierre; Gopinath, Gita; Kalemli-Ozcan, Sebnem - National Bureau of Economic Research - 2022

Conventional wisdom holds that monetary policy in emerging economies is procyclical, unlike in advanced economies. Using a large sample of countries from the mid-1990s onwards, we show that the conduct of monetary policy is not fundamentally different across these two groups of countries....

Persistent link: https://www.econbiz.de/10013388814

The Currency Reform as the Last Stage of Economic and Monetary Union : Some Policy Questions

Giovannini, Alberto - 1991

The paper discusses the policy problems of a project aimed at substituting several national currencies with one single currency. While these problems are of general interest, the analysis is motivated by the plan for Economic and Monetary Union among the members of the European Community. The...

Persistent link: https://www.econbiz.de/10012475071

Chronicle of a Dollarization Foretold : Inflation and Exchange Rates Dynamics

Caravello, Tomás E.; Martinez-Bruera, Pedro; Werning, Iván - National Bureau of Economic Research - 2023

We study the effects of an anticipated dollarization, announced today but planned to be implemented at some future date, in a simple open-economy model. Motivated by the profile of countries considering dollarization we make the following assumptions. First, the government faces a scarcity of...

Persistent link: https://www.econbiz.de/10014421188

Living Up to Expectations : Central Bank Credibility, the Effectiveness of Forward Guidance, and Inflation Dynamics Post-Global Financial Crisis

Cole, Stephen J.; Martínez-García, Enrique; Sims, Eric R. - National Bureau of Economic Research - 2023

This paper studies the effectiveness of forward guidance when central banks have imperfect credibility. Exploiting unique survey-based measures of expected inflation, output growth, and interest rates, we estimate a small-scale New Keynesian model for the United States and other G7 countries...

Persistent link: https://www.econbiz.de/10014421202

Oil Prices, Monetary Policy and Inflation Surges

Gagliardone, Luca; Gertler, Mark - National Bureau of Economic Research - 2023

We develop a simple quantitative New Keynesian model aimed at accounting for the recent sudden and persistent rise in inflation, with emphasis on the role of oil shocks and accommodative monetary policy. The model features oil as a complementary good for households and as a complementary input...

Persistent link: https://www.econbiz.de/10014287363

Exploring European Regional Trade

Santamaría, Marta A.; Ventura, Jaume; Yeşilbayraktar, … - National Bureau of Economic Research - 2023

We use the new dataset of trade flows across 269 European regions in 24 countries constructed in Santamaría et al …. (2020) to systematically explore for the first time trade patterns within and across country borders. We focus on the … differences between home trade, country trade and foreign trade. We document the following facts: (i) European regional trade has …

Persistent link: https://www.econbiz.de/10014247958