Author/Editor: Gustavo Adler, Ruy Lama, Juan Pablo Medina Guzman.

Release Date:March, 2016

We study the use of foreign exchange (FX) intervention as an additional policy instrument in an environment with learning, where agents infer the central bank policy rules from its policy actions. more...

Author/Editor: Ruy Lama, Juan Pablo Medina Guzman.

Release Date:December, 2015

This paper studies the Swedish fiscal consolidation episode of the 1990s through the lens of a small open
 economy model with distortionary taxation and unemployment. We argue that the more...

Author/Editor: Juan Pablo Medina Guzman, Claudio Soto.

Release Date:February, 2014

In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price more...

Author/Editor: Juan Pablo Medina Guzman, Jorge Roldos.

Release Date:February, 2014

We study interactions between monetary and macroprudential policies in a model with nominal and financial frictions. The latter derive from a financial sector that provides credit and liquidity more...

Author/Editor: Juan Pablo Medina Guzman, Ruy Lama.

Release Date:August, 2010

This paper evaluates how successful is a policy of exchange rate stabilization to counteract the negative effects of a Dutch Disease episode. We consider a small open economy model that incorporates more...

Author/Editor: Juan Pablo Medina Guzman, Ruy Lama.

Release Date:September, 2007

This paper studies optimal monetary policy in a two-sector small open economy model under segmented asset markets and sticky prices. We solve the Ramsey problem under full commitment, and more...