This paper seeks to device and estimate an accounting framework for international comparison of income that takes into account relevant features of poor countries that are often disregarded in the more traditional single-good, Cobb-Douglas accounting framework. Our framework allows for multiple...

This paper reviews the role of collateral constraints in transforming small monetary shocks into large persistent output fluctuations.We do this by introducing money in the heterogeneous-agent real economy of Kiyotaki and Moore (1997). Money enters in a cash-in-advance constraint and money...

This paper uses a two-sector general equilibrium model to analyse both steady-state and stochastic dynamic effects of two real exchange rate targeting policies: a constant-target, and a band-target rule. In the model, targeting is implemented by imposing a stochastic fully-rebatable tax on the...

This paper explores the quantitative implications of a class of endogenous growth models for cross-country income differences. These models exhibit international spillovers, no scale effects and conditional convergence, and thus they overcome some difficulties faced by the early generation of...

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