Traditional ways of analyzing the effects of monetary policy shocks via structural vector autoregressions require the use of unrealistic identifying assumptions: they either do not allow for a response of output and prices on impact of the shock, or they exclude contemporaneous values of these...

Identifying monetary policy shocks is difficult. Therefore, instead of trying to do this perfectly, this paper exploits a natural setting that reduces the con sequences of shock misidentification. It does so by inferring from the responses of variables in dollarized countries. They import US...

The electoral campaign of Argentina's new president Javier Milei has revived the debate over the pros and cons of dollarization. Critics argue that dollarizing would force Argentina to import the monetary policy of the Federal Reserve, regardless of whether the Fed's policies are appropriate for...