Author/Editor: Michael Kumhof, Luis Felipe Céspedes, Eric Parrado.

Release Date:April, 2003

This paper provides a monetary model with nominal rigidities that differs from the conventional New Keynesian model with firms setting pricing policies instead of price levels. In response to more...

Author/Editor: Ratna Sahay, Luis Felipe Céspedes, Paul Cashin.

Release Date:December, 2002

This paper examines whether the real exchange rates of commodity-exporting countries and the real prices of their commodity exports move together over time. Using IMF data on the world prices of 44 more...