This paper computes welfare maximizing Taylor-style interest rate rules, in a business cycle
model of a small open economy. The model assumes staggered price setting and shocks to …

This paper estimates the effects of technology shocks in VAR models of the US, identified by
imposing restrictions on the sign of impulse responses. These restrictions are consistent with …

Two specifications of an open-economy model are shown to generate high exchange-rate
volatility and low exchange-rate pass-through (ERPT). In the model, price discrimination …

Industrial countries moving from fixed to floating exchange rate regimes experience dramatic
rises in the variability of the real exchange rate. This evidence, forcefully documented by …

Our study investigates the factors driving RER volatility and the properties of both trade and
financial openness to stabilize RERs. Therefore, this paper guides us to formulate better …

We examine the impact of four factors on the fiscal policies of the euro-area countries over
the last two decades: the state of public finances, the European fiscal rules, cyclical …

Using several data sources, we assess the impact of Italy's outward foreign direct investment
(FDI) on local employment growth between 1996 and 2001 for 12 manufacturing industries …

This article discusses the role that macroeconomic uncertainty plays in banks' decisions on
the optimal asset allocation. Following the portfolio model proposed by Baum et al.(2005) …

De acuerdo a la" Nueva Macroeconomía de la Economía Abierta", factores no-monetarios
han cobrado importancia en la explicación de la volatilidad cambiaria. En este sentido, se …

This paper analyzes the effects of pegged and floating exchange rates using a two-country
dynamic general equilibrium model that is calibrated to the US and a European aggregate …