Pérez Caldentey, Esteban; Titelman, Daniel; Carvallo, Pablo - 2013
the cycle. Improving our knowledge of the differences in the expansionary dynamics of countries and regions can further … management of the cycle affects the short-run fluctuations of economic activity and therefore volatility, it is not trend neutral …. Hence, the effects of aggregate demand management policies may be more persistent over time, and less transitory, than …