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Emerging Market Business Cycles: The Role of Labor Market Frictions
Author/Editor: Emine Boz, Ceyhun Bora Durdu, Nan Li. Release Date: October, 2012 Price: $18.00Emerging economies are characterized by higher consumption and real wage variability relative to output and a strongly countercyclical current account. A real business cycle model of a small open more... |
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The Chicago Plan Revisited
Author/Editor: Jaromir Benes, Michael Kumhof. Release Date: August, 2012 Price: $18.00At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary more... |
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The Cyclicality of Sales, Regular and Effective Prices: Business Cycle and Policy Implications
Author/Editor: Olivier Coibion, Yuriy Gorodnichenko, Gee Hee Hong. Release Date: August, 2012 Price: $18.00We study the cyclical properties of sales, regular price changes and average prices paid by consumers (effective prices) in a dataset containing prices and quantities sold for numerous retailers more... |
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Global Housing Cycles
Author/Editor: Deniz Igan, Prakash Loungani. Release Date: August, 2012 Price: $18.00Housing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This paper documents the characteristics of more... |
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Successful Austerity in the United States, Europe and Japan
Author/Editor: Nicoletta Batini, Giovanni Callegari, Giovanni Melina. Release Date: July, 2012 Price: $18.00The output effects of 2009 fiscal expansions have been hotly debated. But the discussion of fiscal multipliers is even more relevant now that several European countries have had to quickly retract more... |
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Intra-Regional Spillovers in South America: Is Brazil Systemic after All?
Author/Editor: Gustavo Adler, Sebastian Sosa. Release Date: June, 2012 Price: $18.00Shocks stemming from Brazil - the large neighbor in South America - have historically been a source of concern for policy-makers in other countries of the region. This paper studies the importance of more... |
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Natural Resources, Volatility, and Inclusive Growth: Perspectives from the Middle East and North Africa
Author/Editor: Rabah Arezki, Mustapha K. Nabli. Release Date: May, 2012 Price: $18.00This paper takes stock of the economic performance of resource rich countries in the Middle East and North Africa (MENA) over the past forty years. While those countries have maintained high levels more... |
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Tracking Short-Term Dynamics of Economic Activity in Low-Income Countries in the Absence of High-Frequency GDP Data
Author/Editor: Shiv Dixit, Maxwell Opoku-Afari. Release Date: May, 2012 Price: $18.00This paper uses a set of routinely collected high-frequency data in low-income countries (LICs) to construct an aggregate and a comprehensive index of economic activity which could serve (i) as a more... |
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Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies
Author/Editor: Marco Airaudo, Luis-Felipe Zanna. Release Date: May, 2012 Price: $18.00We present an extensive analysis of the consequences for global equilibrium determinacy in flexible-price open economies of implementing active interest rate rules, i.e., monetary rules where the more... |
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Do Dynamic Provisions Enhance Bank Solvency and Reduce Credit Procyclicality? A Study of the Chilean Banking System
Author/Editor: Jorge A. Chan-Lau. Release Date: May, 2012 Price: $18.00Dynamic provisions could help to enhance the solvency of individual banks and reduce procyclicality. Accomplishing these objectives depends on country-specific features of the banking system, more... |
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Remittances Channel and Fiscal Impact in the Middle East, North Africa, and Central Asia
Author/Editor: Yasser Abdih, Adolfo Barajas, Ralph Chami, Christian Ebeke. Release Date: April, 2012 Price: $18.00This paper identifies a remittances channel that transmits exogenous shocks, such as business cycles in remittance-sending countries, to the public finances of remittance-receiving countries. Using more... |
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Bank Asset Quality in Emerging Markets: Determinants and Spillovers
Author/Editor: Reinout De Bock, Alexander Demyanets. Release Date: March, 2012 Price: $18.00This paper assesses the vulnerability of emerging markets and their banks to aggregate shocks. We find significant links between banks' asset quality, credit and macroeconomic aggregates. Lower more... |
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Can International Macroeconomic Models Explain Low-Frequency Movements of Real Exchange Rates?
Author/Editor: Pau Rabanal, Juan F. Rubio-Ramirez. Release Date: January, 2012 Price: $18.00Real exchange rates exhibit important low-frequency fluctuations. This makes the analysis of real exchange rates at all frequencies a more sound exercise than the typical business cycle one, which more... |
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Commodity Price Cycles : The Perils of Mismanaging the Boom
Author/Editor: Sebastian Sosa, Gustavo Adler. Release Date: December, 2011 Price: $18.00Commodity-exporting countries have significantly benefited from the commodity price boom of recent years. At the current juncture, however, uncertain global economic prospects have raised questions more... |
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Using Credit Subsidies to Counteract a Credit Bust : Evidence From Serbia
Author/Editor: Jiri Podpiera. Release Date: December, 2011 Price: $18.00Emerging markets are particularly vulnerable to boom-bust credit cycles, due to excessive capital flows, shallow equity markets, and companies'' high leverage and open FX positions. While the policy more... |
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Desynchronized : The Comovement of Non-Hydrocarbon Business Cycles in the GCC
Author/Editor: Serhan Cevik. Release Date: December, 2011 Price: $18.00This paper investigates the empirical characteristics of business cycles and the extent of cyclical comovement in the Gulf Cooperation Council (GCC) countries, using various measures of more... |
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Employment Protection and Business Cycles in Emerging Economies
Author/Editor: Ruy Lama, Carlos Urrutia. Release Date: December, 2011 Price: $18.00We build a small open economy, real business cycle model with labor market frictions to evaluate the role of employment protection in shaping business cycles in emerging economies. The model features more... |
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Inflation Differentials in the GCC : Does the Oil Cycle Matter?
Author/Editor: Oral Williams, Kamiar Mohaddes. Release Date: December, 2011 Price: $18.00This paper uses a pairwise approach to investigate the main factors that have been driving inflation differentials in the Gulf Cooperation Council (GCC) region for the past two decades. The results more... |
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Do Loan-To-Value and Debt-To-Income Limits Work? Evidence From Korea
Author/Editor: Deniz Igan, Heedon Kang. Release Date: December, 2011 Price: $18.00With another real estate boom-bust bringing woes to the world economy, a quest for a better policy toolkit to deal with these boom-busts has begun. Macroprudential measures could be in such a more... |
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How Long Do Housing Cycles Last? a Duration Analysis for 19 OECD Countries
Author/Editor: Philippe Bracke. Release Date: October, 2011 Price: $18.00This paper analyzes the duration of house price upturns and downturns in the last 40 years for 19 OECD countries. I provide two sets of results, one pertaining to the average length and the other to more... |
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