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Monetary policy at the zero lower bound: the Chilean experience
The global financial crisis that started in 2008 dramatically changed the analysis and implementation of monetary policy worldwide. Central banks were at the center of the stage during that time implementing both conventional and unconventional policies. Not only were monetary policy rates drastically ...
Bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap?
This paper looks back on the professional consensus about monetary policy at the zero bound prior to the 2008 crisis and proposes a calibrated model that provides one interpretation to explain why it was somewhat off base. The general consensus in the economics profession in the late 1990s when Japan ...
Recessions and financial disruptions in emerging markets: a bird's eye view
The global financial crisis of 2008–09 led to massive interruptions in cross-border financial and trade flows. As a result of the crisis virtually all of the advanced economies and many emerging market countries experienced recessions over the past two years. These recessions coincided with various ...
Trilemmas and tradeoffs: living with financial globalization
This paper evaluates the capacity of emerging market economies (EMEs) to moderate the domestic impact of global financial and monetary forces through their own monetary policies. I present the case that those EMEs able to exploit a flexible exchange rate are far better positioned than those that devote ...