inflation. To be effective, dollarization must generate sufficient credibility, which in turn depends critically on whether its … expected probability of reversal is low. Argentina once again faces high, persistent, and volatile inflation. With a looming …

may completely stabilize European output after unanticipated fiscal policy shocks. With anticipated fiscal policy shocks …

China has been provoked into speeding renminbi internationalization. But despite rapid growth in offshore financial … repression in domestic interest rates→to avoid an avalanche of foreign capital inflows that would threaten inflation and asset … could attract even more hot money inflows, the People's Bank of China should focus on tightly stabilizing the yuan/ dollar …

, which is not conducive to countering the impact of external shocks. We show that China's macroeconomic responses to external …