Since the Asian crisis it has been recognized that exchange rate and monetary policy strategies must involve a fairly high element of flexibility rather than a single-minded defense of a particular rate. One way this flexibility might be introduced is by a country adopting an open economy...

Logistics is a young and still unstabilised field of practical knowledge, which theoretical and methodological foundations are still discussed by academic society. The following article is going to be a voice in the discussion about the theoretical foundations of logistics. The aim of the...

Research macroeconomists have witnessed remarkable methodological developments in mathematical, statistical, and computational tools during the last two decades. The three essays in this dissertation took advantage of these advances to analyze important macroeconomic issues.The first essay, “...

In this online appendix, we provide extra evidence complementing our paper “Mark My Words: Information and the Fear of Declaring an Exchange Rate Regime”: we control for electoral competitiveness, law and order, and central bank independence; we drop countries with high capital controls, and...

Economic success of any nation intrinsically hinges on the tradeoff between external policy choices and their internal consequences. An enduring challenge that countries confront is the 'trilemma' of choices between three desirable, yet jointly unattainable objectives of maintaining a fixed...

Based on a simple open economy framework, this analysis rationalizes the existence of “fear of floatingâ€-type responses and uncovers some important implications about to role of pass-through effects and contractionary depreciations. By examining how the optimal monetary response varies...

Capital flows often confront central banks with a dilemma: to contain the exchange rate or to allow it to float. To tackle this problem, an equilibrium model of capital flows is proposed. The model captures sudden stops with shocks to the country risk premium. This enables the model to deal with...

This paper analyzes the linkages between the credibility of a target zone regime, the volatility of the exchange rate, and the width of the band where the exchange rate is allowed to fluctuate. These three concepts should be related since the band width induces a trade-off between credibility...

This paper investigates the role of a free press and of the circulation of information on the capacity of a country to declare an exchange regime that is different from the regime it de facto implements. We put forward consistent evidence that increased press freedom and easier access to...

This paper examines the trends in monetary autonomy and its interaction with financial integration, currency regime and foreign reserves for the past two decades in select Asian countries viz., Thailand, Korea, Indonesia, Philippines, and India. Our main findings are as follows : First,...