We examine three main channels through which U.S. monetary policy shocks affect firm investment in foreign countries: (1) the balance sheet channel; (2) the financial channel of the exchange rate; and (3) the trade channel. For this purpose, we use quarterly firm-level data for 63 advanced...

We examine three main channels through which U.S. monetary policy shocks affect firm investment in foreign countries: (1) the balance sheet channel; (2) the financial channel of the exchange rate; and (3) the trade channel. For this purpose, we use quarterly firm-level data for 63 advanced...

India’s recently announced privatization strategy can facilitate a change in the composition of the public sector balance sheet toward high-return public sector investments in infrastructure and human capital where there is a clear role for government, leaving commercially viable companies for...

Using microdata from nationally representative household and labor force surveys, we study the impact and drivers of poverty and inequality in India during the pandemic. We have three main findings. First, India has made significant progress in reducing poverty in recent decades, but the...

This paper presents a range of tools and indicators for analyzing fiscal vulnerabilities and risks for advanced economies. The analysis covers key short-, medium- and long-term dimensions. Short-term pressures are captured by assessing (i) gross funding needs, (ii) market perceptions of default...

The intertemporal approach to the current account suggests modeling movements in the current account in a forward-looking, dynamic framework. In this framework, the current account reflects consumption smoothing of agents that lend and borrow from the rest of the world in the face of transitory...

This paper uses the VAR framework introduced in McCarthy (1999) to investigate the nature and extent of pass-through to prices in Turkey. Furthermore, Threshold VAR (TVAR) models are used to assess the possibility of asymmetries in the pass-through. Annual change in the industrial production...

This paper develops a theory of debt management in which government financing decisions have distributional consequences. We consider a constant aggregate endowment economy in which the government finances exogenous stochastic public spending needs with uniform lump sum taxes and...

This paper studies the role of education in women's changing role in the labor and marriage markets since the 1960's.

The global economic and financial instability context of the 1990s and 2000s also affected the Turkish economy. Actually, the 1980s in Turkey are characterized by a radical transformation of its economy through significant efforts of liberalization. With an out-looking economy and a liberalized...