This paper examines how central banks respond to supply-side shocks and investigates the trade-offs they face in stabilizing inflation and output. To do so we develop a dual external instrument proxy structural vector autoregressive (SVAR) model to disentangle the macroeconomic effects of oil...

This study empirically examines whether Brazil's remarkable economic growth from 2003 to 2010 was primarily driven by Lula's policies or favorable global economic conditions using the Synthetic Control Method - a robust causal inference technique for assessing policy effects when randomized...