This paper investigates the effect of cyclical macroeconomic policy and financial sector characteristics on growth. Using cross-country, cross-industry OECD data, it yields two main findings. First, countercyclical fiscal and monetary policies foster growth disproportionately in more...

Monetary policymaking can be seen as an optimization exercise to be performed by central banks. In practice, central banks can be classified according to the monetary mandate assigned to them, mainly a single or a dual mandate. Among independent central banks, a majority are single-objective...

We present a model embodying moderate amounts of nominal rigidities which accounts for the observed inertia in inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after an expansionary shock to monetary policy. Of these...

In the late eighteenth and early nineteenth century, Scotland had a stable financial system. Its stability arose from the pressure that private banks, which had the right to issue bank notes, placed on each other to behave prudently. Unlike in England, the Scottish banking system had no central...

This paper asks the question as to whether the choice of the exchange rate regime matters for post-conflict economic recovery and macro stabilization. Though an important aspect of the macroeconomic agenda for post-conflict, it has however, been largely ignored by the literature. We identify...

This paper estimates the cost of disinflation to inclusive growth in Nigeria using quarterly data for the period 1960q1 – 2015q2. Two alternative methodologies are used to estimate the size of the cost of disinflation to inclusive growth in Nigeria. The paper also estimates the effect of...

In this paper we investigate the interplay between regulatory and monetary policies. We analyze how changes in institutional settings modify the functioning of various channels of monetary transmission. The paper begins with a brief presentation of the main channels of monetary transmission,...

Has inflation targeting (IT) conferred benefits in terms of economic growth on countries that followed this particular monetary policy strategy during the crisis period 2007-12? Analyzing the sample of all OECD countries, we answer this question in the affirmative: Countries with an IT monetary...

Attempts to measure aspects of the Indigenous economy in Canada are limited by data availability and quality. Drawing on the most recent data sources and research, we provide an overview of the Indigenous economy in Canada. This includes a discussion of the various characteristics of the...