ABSTRACT I show that monetary policy divergence vis-a-vis the US has larger spillover
effects in emerging markets than advanced economies. The monetary policy of the US …

There is a widespread belief that changes in expectations may be an important independent
driver of economic fluctuations. The news view of business cycles offers a formalization of …

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We study the problem of a monetary authority pursuing an exchange rate policy that is
inconsistent with interest rate parity because of a binding zero lower bound constraint. The …

This paper is a partial exploration of mechanisms through which global factors influence the
tradeoffs that US monetary policy faces. It considers three main channels. The first is the …

We develop a quantitative model with imperfections in domestic and international financial
markets that generates strong effects of US monetary policy on emerging markets (EMs) …

This article considers recent literature on optimal monetary policy in simple open-economy
models. The presence of pricing to market, incomplete financial markets, and differences in …

Empirical evidence shows that most international prices are sticky in dollars. This paper
studies the policy implications of this fact in the context of an open economy model with …

This paper explores the role of trade invoicing currencies in the international spillover of
monetary policy. Using high‐frequency measures of Federal Reserve monetary policy …

This paper analyzes the cross-country effects of productivity and demand disturbances in the
United States identified with sign restrictions based on standard theory. Productivity gains in …