Monetary Policy, Information and Country Risk Shocks in the Euro Area
[ CEPR wp ] with E. Savini and A. Tuteja This study examines high-frequency market responses to ECB policy announcements, providing...
Foreign Exchange Interventions and Intermediary Constraints
We study the impact of foreign exchange interventions during periods of tight credit constraints. Expanding on the Gabaix and Maggiori...
A Hundred Years of Business Cycles and the Phillips Curve
This study investigates the business cycle dynamics of the U.S. economy since 1900 through a multivariate framework that imposes minimal...
Trouble Every Day: Monetary Policy in an Open Emerging Market
Four factors drive the high-frequency impact of monetary policy announcements in South Africa: affecting short-, mid-, and long-term...
The Global Transmission of U.S. Monetary Policy
New Working Paper (Sep 2024) US monetary policy impacts global economic conditions, with tightenings causing recessions worldwide. We...
External Instrument SVAR Analysis for Noninvertible Shocks
We extend the SVAR-IV (Proxy-SVAR) method to handle noninvertible and nonrecoverable shocks, providing tests for recoverability and...
