This chapter develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint. The model is a synthesis of the leading approaches in the literature. In particular, the...

In Q 3-4 2016, Russia's economy entered the phase of cyclical growth from the lowest point of the business cycle, its typical feature being the unstable movement patterns of the main socioeconomic development indicators. Inflation hit its historic low. The ruble's strengthening boosted the...

We use a unique Brazilian dataset on daily survey expectations to obtain direct measures of shocks to central bank target rates and changes in economic uncertainty. Using these measures, we gauge the effect of monetary policy shocks on economic uncertainty, term premia, inflation expectations,...