A long-standing conjecture in macroeconomics is that recent declines in exchange rate pass-through
are in part due to improved monetary policy performance. In a large sample of …

We study the history of terms-of-trade booms (during 1970–2012), with a focus on Latin America,
through the prisms of a simple metric that quantifies the associated income windfall. We …

This paper estimates neutral real interest rate (NRIR) ranges for 10 Latin American countries
that either have full-fledged inflation targeting regimes in place or have recently adopted …

Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets,
but many facets of this tool remain limited, especially in the context of flexible exchange …

We document that (i) although private investment growth in emerging markets has decelerated
in recent years, it came down from cyclical highs and remains close to pre-crisis trends; …

We show that the response of firm-level investment to real exchange rate movements varies
depending on the production structure of the economy. Firms in advanced economies and in …

Latin America’s central banks have made substantial progress towards delivering an
environment of price stability that is supportive of sustainable economic growth. We review these …

We examine how firm and country heterogeneity shape the response of corporate investment
in emerging markets to changes in global interest rates and volatility. We test for the …

We compare the long-term output and current account effects of pension reforms that increase
the retirement age with those of reforms that cut pension benefits, conditional on reforms …

We study the response of corporate investment in Emerging Markets to unexpected fiscal
shocks. We find that, although firm-level investment decreases on impact following unexpected …