monetary policy shocks. This result is puzzling. Economic theory suggests that the overshooting should occur immediately after … the shock, not with a delay. This paper uses a ?new open economy macroeconomics? model with pricing-to-market to analyze …

shock is sluggish and peaks with delay; (ii) permanent shocks generate positive rather than negative savings on impact; and …

official reserves as the recovery process from a shock becomes more costly in terms of time period needed for the adjustment …