Macroeconomic regulations and Chinese Central Bank under the old normal -- The new normal and new challenges -- Central Bank's new monetary policy -- New objectives for monetary policy -- Revolutions in monetary policy instruments -- New monetary policy transmission mechanism -- The Central Bank...

This paper studies the interaction between fiscal policy and bondholders against the backdrop of high sovereign debt levels. For our analysis, we investigate the case of Italy, a country that has dealt with high public debt levels for a long time, using a Bayesian structural VAR model. We extend...

In this paper we estimate the effect of government consumption shocks on GDP using a panel of 21 developing economies. Our goal is to better understand the reasons for the low fiscal multipliers found in the literature by performing estimations for alternative exchange rate regimes,...