The financial crisis that started in 2007 brought the global economy to the brink and in many respects it is still unfolding especially in Europe. How to understand and deal with the crisis has naturally been the subject of fierce debates that continue today. However some consensus appears to be ...

World commodity prices and their macroeconomic impact especially on emerging economies have long been a main concern in economic research. Decades ago the Prebisch-Singer hypothesis of secularly deteriorating terms of trade (Prebisch 1950 Singer 1950) was the subject of intense debate and became a ...

Increased volatility in the world prices of commodities such as oil and food which are basic imports for many countries has rekindled interest on the question of how monetary policy should best adjust to external commodity price movements. Recent studies have analyzed the issue in the New Keynesian ...

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. ...

Arguably no issue in International Macroeconomics exhibits more dissonance between academic research and policy practice than foreign-exchange intervention. The dominant view from academia is that sterilized foreign-exchange (FX) intervention has a tiny if any impact on real variables which makes it ...