Buscar
Mostrando ítems 91-100 de 147
Quantitative easing and financial stability
Since the global financial crisis of 2008–09 many of the leading central banks have dramatically increased the size of their balance sheets and have shifted the composition of the assets that they hold toward larger shares of longer-term securities (as well as toward assets that are riskier in other ...
Why do countries have fiscal rules?
Professor Vittorio Corbo in whose honor this conference is organized has an outstanding academic and professional career that spans teaching research policy making and advice provided to the private sector international institutions and governments. In the latter capacity of government advisor he ...
A solution to fiscal procyclicality: the structural budget institutions pioneered by Chile
In June 2008 the President of Chile Michelle Bachelet had a low approval rating for management of the economy in particular. There were undoubtedly multiple reasons for this but a major reason was popular resentment that the government had resisted intense pressure to spend soaring receipts from copper ...
Managing sudden stops
Sudden stops are when capital inflows dry up abruptly. The banker’s aphorism—'It’s not speed that kills but the sudden stop'— has been popularly invoked since at least the Mexican crisis in 1994. Awareness then rose with impetus from the Argentine crisis (1995) the Asian crisis (1997) the Russian ...
Jobless recoveries during financial crises: is inflation the way out?
The slow rate of employment growth relative to that of output is a sticking point in the recovery from the financial crisis episode that started in 2008 in the U.S. and Europe (a phenomenon labeled 'jobless recovery'). The issue is a particularly burning one in Europe where some observers claim that ...
Goverment size misallocation and the resource curse
Structural transformation is a reallocation of labor across sectors. In this paper I investigate the impact of structural transformation in an open economy on sectoral and aggregate productivity with a particular focus on the role of government. While there are potentially many sources of structural ...
The credit channel and monetary transmission in Brazil and Chile: a structured VAR approach
The widespread adoption of inflation-targeting regimes by emerging market economies has generated considerable interest in the channels through which monetary policy shocks affect output inflation and other relevant aggregates in such economies. Yet there is a paucity of empirical research for emerging ...