Mr. Mark A. Horton

Shared Problem, Shared Solution: Benefits from Fiscal-Monetary Interactions in the Euro Area

This paper employs two established macroeconomic models to show that fiscal policy in the euro area can help monetary policy in reducing inflation. Sp...

Exchange Rate Developments and Policies in the Caucasus and Central Asia

Since late 2014, exchange rates (ERs) and ER regimes of the Caucasus and Central Asia (CCA) countries have come under strong pressure. This reflects t...

Experience with Large Fiscal Adjustments

When policymakers have little option but to consider a sizable fiscal adjustment, they are confronted by the following questions: Can a large fiscal a...