This study reviews the literature on the contribution of low inflation to economic growth and
the subsequent widespread adoption of inflation targeting as a monetary policy framework …

We provide a comprehensive analysis of the impact of economic and financial globalization
on asset return comovements over the past 35 years. Our globalization indicators draw a …

We provide cross-country and time series evidence on the extent of exchange rate pass-
through into the import prices of 23 OECD countries. We find compelling evidence of partial …

Macroeconomic theory postulates that persistent fiscal deficits are inflationary. Yet empirical
research has had limited success in uncovering this relationship. This paper reexamines the …

There has been mounting evidence that the inflation process has been changing. Inflation is
now much lower and much more stable around the globe. And its sensitivity to measures of …

We develop a baseline model of monetary and fiscal transmission in interdependent
economies. The welfare effects of expansionary policies are related to monopolistic supply …

This paper provides a baseline general equilibrium model of optimal monetary policy among
interdependent economies with monopolistic firms and nominal rigidities. An inward-looking …

An empirical study of exchange rate regimes based on data compiled from 150 member
countries of the International Monetary Fund over the past thirty years. Few topics in …

Since the 1995 publication of Obsteld and Rogoff's Redux model, there has been an
outpouring of research on open-economy dynamic general equilibrium models that …

The inflation performance of economies is interesting to academic economists,
policymakers, politicians, and the electorate. Economists are in broad agreement about how …