Remarks by President Dudley at the Foreign Policy Association Corporate Dinner, New York City.

Remarks by President Dudley at the Foreign Policy Association Corporate Dinner, New York City.

This paper studies the sources of economic fluctuations in three key Latin American countries (Argentina, Brazil, and Mexico) using a dynamic panel model, distinguishing between external and domestic shocks. The primary motivation is to examine the implications for the choice of monetary and...

This paper uses highly detailed, quarterly data for five major industrialized economies to estimate the impact of macroeconomic fluctuations on import protection policies over 1988:Q1–2010:Q4. First, estimates on a pre-Great Recession sample of data provide evidence of two key relationships....

In this paper, we find that expected (news) and unexpected (contemporaneous) components of productivity changes have opposite effects on the U.S. real exchange rate. Following Barsky and Sims' (2010) identification method, we decompose US total factor productivity (TFP) into news and...

A major concern surrounding European Monetary Union is that output fluctuations of member countries may become more volatile under a common currency because they will have increased sensitivity to foreign business cycles. This article analyzes the link between exchange rate regimes and the...

This paper studies the changing characteristics of post-war international comovement under fixed and flexible exchange regimes. I find that business cycle comovement among all the G7 economies was highest in the universally flexible exchange rate era following the collapse of Bretton Woods (BW)...

This paper analyzes how changes in monetary policy regimes influence the business cycle in a small open economy. We estimate a dynamic stochastic general equilibrium (DSGE) model on Swedish data, explicitly taking into account the 1993 monetary regime change, from exchange rate targeting to...

The simultaneous occurrence of devaluation and recession in Mexico in 1995, as well as in the East Asian economies more recently, appears to contradict the conventional view that devaluations are expansionary. Moreover, a sizeable theoretical and empirical literature also argues that, contrary...

Myanmar's multiple exchange rate system creates various economic distortions. This paper describes the exchange rate practices in Myanmar, develops a model of foreign exchange markets, and presents the efficiency costs imposed by quasi-fiscal operation under the current exchange rate regime. The...