The use of international currencies in the global financial system is not symmetric: while a few currencies have been primarily used as investing currencies, a few others have mostly served as funding currencies; only a handful have a better balance functioning as both investing and funding...

The recent literature on monetary policy has questioned the use of linear Phillips curves and the assumption of a constant NAIRU. In this paper we explore monetary policy considering different shapes of the Phillips curve and an endogenous NAIRU. The NAIRU is, as recent papers suggest, made...

This paper analyses both the allocative efficiency and the dynamic efficiency of China's spending on capital. We examine the relationship between investment flows and the marginal product of capital computed by estimating the Cobb-Douglas and CES production functions at both the national and...