We show that macroprudential regulation can considerably dampen the impact of global
financial shocks on emerging markets. More specifically, a tighter level of regulation reduces …

We show that firms rely on price changes observed along their supply chain to form expectations
about aggregate inflation, and that these expectations have a complete pass-through to …

In this paper we propose a novel approach to obtain the predictive density of global GDP
growth. It hinges upon a bottom-up probabilistic model that estimates and combines single …

Over the past decade, rising oil prices have translated into high levels of public investment
in most MENA and CCA oil exporters. This has prompted questions about the efficiency of …

Latin America’s bold fiscal policy reaction to the global financial crisis was hailed as a sign
that the region had finally overcome its procyclical fiscal past. However, most countries of the …

State-owned banks may help to soften the financing constraints of public sector entities and
consequently become a factor that hampers fiscal discipline. Using a panel dataset, we find …

Following a period of disinflation during the 1990s and early 2000s, inflation in emerging
markets has remained remarkably low and stable. Was this related to a global disinflation …

Despite significant headwinds from population aging in most advanced economies (AEs),
labor force participation rates show remarkably divergent trajectories both across countries …

It is generally acknowledged that the government’s output is difficult to define and its value is
hard to measure. The practical solution, adopted by national accounts systems, is to equate …

Since the end of 2013, the region around the two volcanoes Masaya and Momotombo,
which includes the Nicaraguan capital Managua, has shown an unusually high seismic and …