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External vulnerability and preventive policies: an overview
Emerging market economies endure significantly more macroeconomic volatility than industrial countries. Output volatility in emerging market economies is more than twice as large as that in industrial economies, and consumption volatility is three times as large. Recent studies corroborate the view ...
Fiscal policy and macroeconomic performance: an overview
After two decades of relative neglect fiscal policy is back at the center of the economics research agenda. The fiscal developments around the global financial crisis of 2007–09 are undoubtedly a major factor behind that comeback. The large fiscal stimulus packages adopted by many countries in the ...
Heterodox central banking
In response to the current global crisis the U.S. Federal Reserve and other central banks around the world have implemented diverse policy measures including purchasing a wide range of securities lending to financial institutions intervening in foreign exchange markets and paying interest on reserves. ...
Non-ricardian aspects of fiscal policy in Chile
In this paper we examine the effects of government spending shocks in the Chilean economy. The study of the effects of such shocks in an emerging market economy is of special interest because of the potential presence of non-Ricardian households that is households that do not own any assets or have ...