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Poverty and hunger reduction are intertwined challenges and enduring issues in the world, particularly in developing countries. Improvement in the efficiency in vegetable farming helps the farmers inc...
Implementation of monetary policy assumes that monetary policy instruments stabilize O/N interest rates to the proximity of main policy rate to archive monetary targets. The function of stabilizing me...
An enduring puzzle in international economics is why trade interventions are biased in favor of importcompeting rather than export sectors and therefore restrict trade. In this paper, we show that if ...
Using a dynamic, heterogeneous firms model with sunk costs of exporting we show that: (i) investment and entry into export markets is reduced when trade policy is uncertain and (ii) credible preferent...
We examine the impact of policy uncertainty on trade and real income through firms’ export investments in general equilibrium. We quantify the trade policy causes and welfare effects of China’s export...
We ˉnd that risk sharing in the European Union (EU) has been increasing over the past decade due to increased cross-ownership of assets across countries. Industrial speciaization has also been increa...
We develop a two-sector monetary model with a centralized and decentralized market. Activities in the centralizedmarket resemble those in a standard New Keynesian economy with price rigidities. In the...
Ináation expectations have recently received increased interest because of the uncertainty created by the Federal Reserveís unprecedented reaction to the Great Recession.The effect of this reaction on...
We document cross-country dierences in informal activity, government policies and institutions using a data set covering 118 countries. Five key facts emerge: better institutions are associated with l...
We study optimal fiscal and monetary policy in an environment where explicit frictions giverise to valued money, making money essential in the sense that it expands the set of feasible trades. The two...
The project that is the subject of this report was approved by the Governing Board of the National Research Council, whose members are drawn from the councils of the National Academy of Sciences, th...
In standard macroeconomic models incorporating the natural rate hypothesis and rational expectations, monetary policy has no effect on real variables. But the rational expectations assumption that e...
The potential of monetary policy to stabilize fluctuations in output and employment is demonstrated in a stochastic rational expectations model in which firms choose, considering average profitabili...
This paper is a sumaary of remarks for a panel discussion on "Rational Expectations and the Control of the Econcatym. After a brief review of the major issues in this area, it is argued that the c...
An Econometric Business Cycle Model with Rational Expectations: Policy Evaluation Results.

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