The events surrounding the financial crisis and recession of 2008-2009 required significant policy responses by central banks. For formal inflation targeters (IT) a natural question arises about whether IT frameworks were flexible enough to address this unprecedented policy environment. In this...

Emerging markets firms often carry foreign-currency debt on their balance sheets. Following a depreciation, the expanding "peso" value of "dollar" liabilities could, via a net-worth effect, offset the expansionary competitiveness effect. To assess which effect dominates, we use accounting data...

(Disponible en idioma inglés únicamente) Es mucho lo que se ha escrito recientemente sobre los problemas de los mercados emergentes que pueden ser producto del descalce entre los pasivos denominados en divisas y los activos (o flujos de ingresos) denominados en la moneda del país. En...