This paper uses satellite readings of nitrogen (NO2) air pollution, a byproduct of combustion, to improve the measurement of global economic activity. The proposed approach improves upon night light measures for countries where data manipulation, conflict, or other factors have led to poor...

This paper analyzes the macroeconomic effects of macroprudential policy - in the form of legal reserve requirements - in three Latin American countries (Argentina, Brazil, and Uruguay). To correctly identify innovations in changes in legal reserve requirements, a narrative approach - based on...

A large literature has documented that fiscal policy is procyclical in emerging markets and developing economies and acyclical/countercyclical in advanced economies. This paper analyzes fiscal procyclicality in commodity-exporting countries. It first shows that the degree of fiscal...