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We document that the U.S. dollar exchange rate drives global trade prices and volumes. Using a newly constructed data set of bilateral price and volum...
The interaction between credit frictions, financial innovation, and a switch from optimistic to pessimistic beliefs played a central role in the 2008 ...
Global trade growth has slowed since 2012 relative both to its strong historical performance and to overall economic growth. This paper aims to quanti...
Insights from the IPF workstream can help guide the appropriate policy mix during an inflow surge, based on the shock and country characteristics. Inf...
A view receiving increased support is that the height of trade costs in prime export sectors has a strong effect on current account balances: countrie...
We develop a tractable small-open-economy framework to characterize the constrained efficient use of the policy rate, foreign exchange (FX) interventi...
In the Mundell-Fleming framework, standard monetary policy and exchange rate flexibility fully insulate economies from shocks. However, that framework...