This article investigates the effects of macroeconomic policy (monetary and fiscal) on output growth during financial … expansionary - we measure the marginal effects of policy on output losses. Simple descriptive statistics indicate no apparent … worsens output losses. -- Output losses ; financial crises ; sudden stops ; fiscal policy ; financial policy …

This study develops a dynamic stochastic general equilibrium model to account for the differences in fiscal policy … for procyclical fiscal policy. Further, augmented model with third-party bailouts, together with the stochastic trend … income process, successfully predicts high volatilities of fiscal expenditures. These imply that procyclical fiscal policy …

This paper extends and modifies the Keynesian critique of inflation targetingwith reference to stabilisation policy in … the exchange rate as policy instruments in order toachieve specific inflation and balance of payments targets. This paper … monetary policy instrument (the interest rate, combinedwith rigid fiscal and reserve ‘rules’) in emerging market economies can …