Teacher quality is crucial to deliver good education. However, improving teacher quality in developing countries can be a tough problem. This paper investigates the impact of a teacher placement program that sends college graduates with a strong academic track record to teach in rural primary...

Teacher quality is crucial to deliver good education. However, improving teacher quality in developing countries can be a tough problem. This paper investigates the impact of a teacher placement program that sends college graduates with a strong academic track record to teach in rural primary...

We provide new evidence on the spillover effects from US interest rate changes, focusing on factors that are pertinent to the current conjuncture: weak recovery prospects in emerging market and developing economies (EMDEs), and the confluence of macroeconomic shocks shaping the path of interest...

This paper analyzes the spillovers of higher U.S. interest rates on economic activity in a large panel of 50 advanced and emerging economies. We allow the response of GDP in each country to vary according to its exchange rate regime, trade openness, and a vulnerability index that includes...

This paper assesses the global spillovers from identified US monetary policy shocks in a global VAR model. US monetary policy generates sizable output spillovers to the rest of the world, which are larger than the domestic effects in the US for many economies. The magnitude of spillovers depends...

Financial stability discussions have mainly revolved around the degree of leverage in financial institutions. Yet, some authors have argued that there might be mechanisms associated with unleveraged institutions that could entail financial instability. We aim to shed light on the possible...

Financial stability discussions have mainly revolved around the degree of leverage in financial institutions. Yet, some authors have argued that there might be mechanisms associated with unleveraged institutions that could entail financial instability. We aim to shed light on the possible...

Die vorliegende Arbeit untersucht, wie sich Angebots-, Nachfrage- und geldpolitische Schocks aus den Vereinigten Staaten auf Deutschland übertragen. Dabei wird ein so genanntes factor-augmented vector autoregressive model (FAVAR) auf einen neu zusammengestellten Datensatz mit mehr als 200...

1971-2009. Financial shocks are defined as unexpected changes of a financial conditions index (FCI), recently developed by Hatzius et al. (2010), for the US. We use a time-varying factor-augmented VAR to model the FCI jointly with a large set of macroeconomic, financial and trade variables for...

The German current account balance has moved from surplus to deßcit in the course of unificalion. A theorelical model for the current account, encompassing the elaslicities, the monetary, and the absorptions approach, is set up and lested for Germany and the United States, using cointegration...