While macroeconomic policy credibility has become an increasingly critical factor in limiting monetary policy independence during the floating exchange rate era, its determinants are not adequately understood. Our limited results seem to confirm the popular hypothesis that long-term inflation...

This study concentrates on the Survey of Professional Forecasters (SPF) to demonstrate a way to improve the consensus forecasts of interest rates. It promotes the notion that, in improving the survey forecast accuracy of a variable, one should investigate the usefulness of the predictive...

We investigate the impact of US economic sanctions on EU's trade using a panel data approach expressed in a two-level framework. Both multilateral and unilateral sanctions involving the US and the EU have a negative impact on EU trade (total, imports and exports). We argue that unilateral...

Oil price dynamics during 2002-2006 have been characterized by high volatility, high intensity jumps, and strong upward drift, and were concomitant with underlying fundamentals of oil markets and world economy; namely, pressure on oil prices resulting from rigid crude oil supply and expanding...

En este trabajo se presentan dos ensayos sobre protección. El primero presenta el concepto de profundidad de la protección en un modelo de equilibrio parcial. El segundo ensayo cuantifica los niveles de protección nominal y efectiva que los EE.UU. imponen a las exportaciones de los países...

In this paper, we assess the implications of changes in bilateral diplomatic relations with the United States for economic relations. We identify countries whose relations with the US changed during two historic and significant milestones in the past three decades, and a third group of countries...

Relations of countries with the USA could be considered as helpful in their quest for enhanced economic performance. Does an improvement or deterioration in relations with the USA bring significant economic and financial benefits or costs, in areas such as, trade, capital flows, remittances,...

Conventional finance has long been plagued by crises that cause economic dislocations and impede sustained economic growth, with banks and non-bank financial institutions requiring periodic bailouts. Numerous developing countries have been unable to mobilise domestic and foreign financial...