When Sweden left the gold standard on September 27, 1931, the Swedish government declared that the aim of monetary policy should be to stabilize the domestic purchasing power of the Swedish currency, the krona. With this step, price level targeting officially became for the first time the goal...

In this paper I relate Bank-Funds performance to their willingness (or ability) to communicate. I find evidence that a Bank-Fund simultaneous loan is associated to an increase in economic growth and that such effect is diminished by factors preventing full communication, such as the degree of...

This paper analyzes the impact of different governance structures on the degree of Bank-Fund cooperation, focusing on the quality of their information transmission. It compares the performance of a decentralized governance with that of a centralized one. A centralized structure better addresses...

Despite a series of official agreements aimed at strengthening Bank-Fund cooperation, it is widely believed that coordination between the two organizations often falls short of what should be rationally expected. In this paper we present a theoretical model which, focusing on the quality of...

In this paper we present a theoretical model which, focusing on the quality of information transmission between the IMF and the WB, analyzes the sources of the expected loss in the overall performance of the two institutions relative to the first best outcome, which is characterized by...

This paper focuses on the problem of information transmission between the World Bank and the International Monetary Fund, with communication modeled as cheap talk. I posit that the Fund and the Bank have strategically relevant and diverse expertise whose proper combination might provide a richer...

When Sweden left the gold standard on September 27, 1931, the Swedish government declared that the aim of monetary policy should be to stabilize the domestic purchasing power of the Swedish currency, the krona. With this step, price level targeting officially became for the first time the goal...

In the last decades, IMF’s reputation was affected by some negative perceptions on the organization, such as defender of the rich countries’ interests, an institution with immoral leaders, administrator of wrong solutions to the problems of national economies, promoter of the poverty and of...

Despite the expectations of economists that the euro changeover would have no effect on prices, we show that European consumers perceived the contrary. The data indicate that consumers based their perceptions about inflation on goods that are cheaper and more frequently purchased. We use this...

Despite the expectations of economists that the euro changeover would have no effect on prices, I show that European consumers perceive the contrary. The data indicate that consumers based their perceptions about inflation on goods that are frequently purchased. I use this insight to develop and...