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The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer ...
Assessing the Damage in Italy
Italy’s deep-rooted structural problems resulted in an unsatisfactory productivity performance and a dismal growth over the last 15 years. The globa...
A Global VAR Analysis
The recent financial crisis raises important issues about the transmission of financial shocks across borders. In this paper, a global vector autoregr...
An Assessment Using a Dsge Model
The ongoing financial turmoil has triggered a lively debate on ways of containing systemic risk and lessening the likelihood of boom-and-bust episodes...
While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy, it is key that the entailed fisc...
An increasing body of evidence suggests that the behavior of the economy has changed in many fundamental ways over the last decades. In particular, gr...
This paper proposes a markedly different transmission mechanism from monetary policy to the macroeconomy, focusing on how policy changes nominal inert...