We present a detailed survey of changes in the reserve requirement system in Brazil and analyze the system's main functions and goals during the period from 1994 to 2012. We identify four different subperiods with respect to the use of this policy tool. In the first subperiod, from july 1994 to...

We present a detailed survey of changes in the reserve requirement system in Brazil and analyze the system's main functions and goals during the period from 1994 to 2012. We identify four different subperiods with respect to the use of this policy tool. In the first subperiod, from july 1994 to...

In this paper I evaluate the quantitative effects of the Czech National Bank's commitment to keep the Koruna from appreciating that were put in place in 2013. I focus its on the impact on output, unemployment, and inflation. I use the synthetic control method, which allows me to compute the...

In this paper I evaluate the quantitative effects of the Czech National Bank's commitment to keep the Koruna from appreciating that were put in place in 2013. I focus its on the impact on output, unemployment, and inflation. I use the synthetic control method, which allows me to compute the...

Lehman Brothers’ failure required the Central Banks of the main developed and emerging countries to implement non-traditional monetary policy measures with a degree of coordination, cooperation and pragmatism that finds no precedents in history so as to prevent the deepening of the worst...

The international financial crisis that started in 2007 required the adoption of nontraditional monetary measures by most Central Banks. This paper analyses the recent impact of the crisis (September 2011- October 2012) in the implementation of monetary policy after the worsening of the global...

Analyzing sample moments of survey forecasts, we derive disagreement and un- certainty measures for the short- and medium term inflation outlook. The latter provide insights into the development of inflation forecast uncertainty in the context of a changing macroeconomic environment since the...

Central banks have responded with exceptional vigour to the crisis by using their traditional interest-rate tools to their limits and deploying a wide range of unconventional measures. This paper documents these responses in a systematic way, reviews the evidence about their impact, and...