The relevance of the exchange rate regime for macroeconomic performance remains a key issue in international macroeconomics. We use a comprehensive dataset covering nine regime-types for one hundred forty countries over thirty years to examine the link between the regime, inflation, and growth....

In this paper a general equilibrium intertemporal model, with optimizing consumers and producers, is developed to analyze how the anticipation of future import tariffs affects real exchange rates and the current account. The model is completely real, and considers a small open economy that...

Many arguments that have been advanced in favor of maintaining capital control within the EEC have not paid sufficient attention to the welfare consequences of this type of market intervention. Our paper provides a simple, optimizing framework in which the welfare consequences of capital...

What does the macroeconomy look like in the aftermath of tariff changes This paper estimates impulse response functions from local projections using a panel of annual data that spans 151 countries over 1963-2014. Tariff increases are associated with persistent, economically and statistically...

We develop a new Measure of Aggregate Trade Restrictions (MATR) using data from the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions. MATR is an empirical measure of how restrictive official government policy is towards the international flow of goods and services. MATR is...

While the COVID-19 pandemic is affecting all countries, output losses vary considerably across countries. We provide a first analysis of robust determinants of observed initial output losses using model-averaging techniques-Weighted Average Least Squares and Bayesian Model Averaging. The results...

Los flujos de capital han aumentado notablemente en los últimos años y son un aspecto clave del sistema monetario mundial. Ofrecen beneficios potenciales a los países, pero su tamaño y su volatilidad también pueden plantear problemas de política. El Fondo debe estar en condiciones de...