 | Shocks Matter: Managing Capital Flows with Multiple Instruments in Emerging Economies Author/Editor: Ruy Lama, Juan Pablo Medina. Release Date:June, 2020 We study the optimal management of capital flows in a small open economy model with financial frictions and multiple policy instruments. The paper reports two main findings. First, both foreign more...
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| Is the Public Investment Multiplier Higher in Developing Countries? An Empirical Exploration Author/Editor: Alejandro Izquierdo, Ruy Lama, Juan Pablo Medina, Jorge Puig, Daniel Riera-Crichton, Carlos Vegh, Guillermo Javier Vuletin. Release Date:December, 2019 Over the last decade, empirical studies analyzing macroeconomic conditions that may affect the size of government spending multipliers have flourished. Yet, in spite of their obvious public policy more...
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| Unconventional Policies and Exchange Rate Dynamics Author/Editor: Gustavo Adler, Ruy Lama, Juan Pablo Medina. Release Date:November, 2017 We study exchange rate dynamics under cooperative and self-oriented policies in a two-country DSGE model
with unconventional monetary and exchange rate policies. The cooperative solution more...
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| Foreign Exchange Intervention and the Dutch Disease Author/Editor: Julia Faltermeier, Ruy Lama, Juan Pablo Medina. Release Date:March, 2017 We study the optimal foreign exchange (FX) intervention policy in response to a positive terms of trade shock
and associated Dutch disease episode in a small open economy model. We find that more...
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