choices tend to experience smaller output volatility in the last two decades. Emerging markets with relatively low … international reserves/GDP could experience higher levels of output volatility when they choose a policy combination with a greater … degree of policy divergence. Yet this heightened output volatility effect does not apply to economies with relatively high …

choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a … inflation rate. We find that trilemma policy configurations affect output volatility through the investment or trade channel …

the three policy choices matter for output volatility and the medium-term level of inflation. Greater monetary … independence is associated with lower output volatility while greater exchange rate stability implies greater output volatility … external finances affect output volatility through the investment or trade channel depending on the openness of the economies …

economies with more converged policy choices tend to experience smaller output volatility in the last two decades. Emerging … markets with relatively low international reserves/GDP could experience higher levels of output volatility when they choose a … policy combination with a greater degree of policy divergence while this heightened output volatility effect does not apply …

policy choices do not matter for per capita economic growth. However, they do matter for output volatility and the medium …-term level of inflation. Greater monetary independence is associated with lower output volatility while greater exchange rate … stability implies greater output volatility, which can be mitigated if a country holds international reserves (IR) at a higher …

choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a … inflation rate. We find that trilemma policy configurations affect output volatility through the investment or trade channel …

choices tend to experience smaller output volatility in the last two decades. Emerging markets with relatively low … international reserves/GDP could experience higher levels of output volatility when they choose a policy combination with a greater … degree of policy divergence. Yet this heightened output volatility effect does not apply to economies with relatively high …

, effectively lowering its volatility. We also show that relatively small increases in the average holdings of reserves by Latin … substantially REER volatility. …

, effectively lowering its volatility. We also show that relatively small increases in the average holdings of reserves by Latin … substantially REER volatility. …