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External Shocks and FX Intervention Policy in Emerging Market Economies
We discuss the role of sterilized FX interventions as a monetary policy instrument in response to external shocks for emerging market economies. In our model, banks face an agency problem that constrains their ability to obtain funds denominated in domestic and foreign currency. The severity of the agency problem depends on aggregate currency mismatches in the banking industry. Endogenous deviations from the standard UIP condition arise, leading to a non-neutral FX intervention policy. Our quantitative findings indicate that FX interventions leaning against real deviations in the real exchange rate from its steady-state level reduce credit, investment, and output volatility and generatesubstantial welfare gains compared to a flexible exchange rate regime. The effectiveness of FX policy significantly varies with the size of the banking sector currency mismatch, credit and deposit partial dollarization, and on sterilization operation costs.
Macroprudential Policy Effects
The global financial crisis (GFC) underscored the need for additional policy tools to safeguard financial stability and ultimately macroeconomic stability. Systemic financial vulnerabilities had developed under a seemingly tranquil macroeconomic surface of low inflation and small output gaps. This challenged the precrisis view that achieving these traditional policy targets was a sufficient condition for macroeconomic stability. Thus, new tools had to be deployed to target specific financial vulnerabilities and to build buffers to cushion adverse aggregate shocks, while allowing traditional policy levers, including monetary and microprudential policies to focus on their traditional roles. Ma...
ESSAYS in Lending Frictions, The Labor Market and Monetary Policy
The Great Recession of 2008-09 in the U.S. was characterized by high and persistent unemployment and lack of bank lending due to liquidity issues. The recession was preceded by a housing crisis that quickly spread to the banking and broader financial sectors. We attempt to account for the depth and persistence of unemployment by considering the relationship between credit and firm hiring explicitly. To do so, we introduce search and matching frictions to characterize the dynamics of credit markets in a series of macroeconomic models that present different types of distortions in the labor market as well as in the interbank market. We obtain a novel propagation and amplification mechanism of a financial crisis associated to an inefficiency wedge that affects the aggregate production function of the economy and depends directly on credit conditions.
Monetary Theory and Policy
Empirical evidence on money, prices, and output -- Money-in-the-utility function -- Money and transactions -- Money and public finance -- Money in the short run : informational and portfolio rigidities -- Money in the short run : nominal price and wage rigidities -- Discretionary policy and time inconsistency -- New keynesian monetary economics -- Money and the open economy -- Financial markets and monetary policy -- Monetary policy and operating procedures.
Monetary Theory and Policy, fourth edition
The new edition of a comprehensive treatment of monetary economics, including the first extensive coverage of the effective lower bound on nominal interest rates. This textbook presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. Striking a balance of insight, accessibility, and rigor, the book covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy. For the fourth edition, every chapter has been revised to ...
The Oxford Handbook of Latin American Political Economy
Latin America's recent development performance calls for a multidisciplinary analytical tool kit. This handbook accordingly adopts a political-economy perspective to understand Latin American economies. This perspective is not new to the region; indeed, this volume consciously follows the approach pioneered by political economist Albert O. Hirschman a half century ago. But the nature of the political and economic processes at work in Latin America has changed dramatically since Hirschman's critical contribution. Military dictatorships have given way to an uneven democratic consolidation; agricultural or primary-product producers have transformed into middle-income, diversified economies, som...
Perspectivas
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The Affective Agency of Public Space
The Affective Agency of Public Space explores the pivotal role that public spaces play in fostering social inclusion and community cohesion within various settings, including Europe and the United States. This scholarly work underscores the critical importance of developing inclusive public zones that enhance urban life and promote integration and interaction among diverse community groups. It also confronts and debunks common myths about ‘different people,’ actively addressing misconceptions while promoting the recognition of diverse identities and voices. Through a comparative lens, the book presents insightful case studies that illustrate its core themes. Serving as a timely and important academic resource, this text is indispensable for urban planners, educators, architects, designers, and sociologists committed to progressive urban planning methodologies.
