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11 de mayo 2017
The impact of terms of trade and macroeconomic regimes on private saving

In this paper we present novel findings on private saving behavior. Relying on the largest available world database, we find that higher terms of trade (TOT) raise saving, and this effect is much larger for temporary TOT shocks. When credit constraints are less binding, the marginal effect of higher TOT on private saving is lessened. […]

27 de mayo 2016
Inflation and Welfare in Long-Run Equilibrium with Firm Dynamics

We analyze the welfare cost of inflation in a model with a cash-in-advance constraint and an endogenous distribution of establishments’ productivities. Inflation distorts aggregate productivity through firm entry dynamics. The model is calibrated to the U.S. economy and the long-run equilibrium properties are compared at low and high inflation. When the period over which the […]

30 de junio 2015
Monetary Policy and Economic Performance in Resource Dependent Economies

There is ample consensus that monetary policy plays a key role in fostering economic growth and avoiding the costs of chronic inflation. Prudential and transparent monetary policies –in conjunction with budget-balanced fiscal policies—are universally recommended as a sound macroeconomic stance. While these recommendations may have general validity for non-resource based economies, their applicability to resource-rich […]