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Since Spain joined the EMU, two main important factors behind the housing boom appear to be the decrease of nominal interest rates and demographic fac...
The large recession that followed the Global Financial Crisis of 2008-09 triggered unprecedented monetary policy easing around the world. Most central...
In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model include...
Potential output—in the sense of the GDP level or path an economy can sustain over the medium term—is a crucial benchmark for policymakers. Howeve...
TheRole of Trade and Financial Linkages
This paper evaluates the role of trade and financial linkages in the decision to enter a monetary union. We estimate a two-country DSGE model for the ...
Implications for Output Gaps
We suggest a new approach for analyzing the role of financial variables and shocks in computing the output gap. We estimate a two-region DSGE model fo...
The assessment of external positions and exchange rates is a key mandate of the IMF. This paper presents the updated External Balance Assessment (EBA)...
Real exchange rates exhibit important low-frequency fluctuations. This makes the analysis of real exchange rates at all frequencies a more sound exerc...
The assessment of external positions and exchange rates of member countries is a key mandate of the IMF. The External Balance Assessment (EBA) methodo...
During the last decade, Hong Kong SAR has experienced a large increase in house prices and credit, prompting the authorities to respond with several r...
e develop a toolkit to assess the consistency between real sector and financial sector forecasts. The toolkit draws upon empirical regularities on rea...
The recent increase of inflation globally has led to a renewed interest in understanding the link between inflation and wages. In Uruguay, the presenc...