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A New Trade-off for Monetary Policy?
We introduce time-varying systemic risk in an otherwise standard New-Keynesian model to study whether a simple leaning-against-the-wind policy can red...
Trade in Goods or Tasks?
With global supply chains, any value added or production task can be traded as part of goods. This means that competitiveness can be measured either i...
Neutral Rates in the United States
We use a semi structural model to estimate neutral rates in the United States. Our Bayesian estimation incorporates prior information on the output ga...
Despite significant strides in financial development over the past decades, financial dollarization, as reflected in elevated shares of foreign curren...
A Robust Monetary Policy Framework for the United States
The Fed has taken several steps towards strengthening its monetary framework over the past several years. Those steps have supported the Fed’s effor...
The high level of nonperforming loans (NPLs) in the Caribbean has been, in large part, a legacy of the global financial crisis, but their persistence ...
Changing Patterns of Global Trade outlines the factors underlying important shifts in global trade that have occurred in recent decades. The emergence...
Banks across the Caribbean have lost important Correspondent Banking Relationships (CBRs). The macroeconomic impact has so far been limited, in part b...
Concerns about export growth within the euro area peripheral countries due to a lack of competitiveness within the euro area are a key policy issue. O...