We study inflation targeting?s impact in Sweden over time and whether its adoption has constituted a regime switch using a msvar technique. We assess, based on two different specifications, the two main features generally attributed to it: the preference for inflation in the monetary reaction...

This article studies the impact of oil shocks on the macroeconomy in two ways insofar unexploited in the literature. The analysis is conducted at the global level, and it explicitly accounts for the potentially changing nature of oil shocks. Constructing an original world gdp series and grouping...

Assessing the discretionary component of a fiscal policy is a difficult task. With a vector autoregressive model of the us economy and thanks to an original identification procedure, Blanchard and Perotti [2002, qje] were able to estimate thoroughly the impact on gdp of a discretionary shock on...

The paper begins by discussing the features of the impressive macroeconomic performance of China since the reform started, linking them to the choice of an export led growth strategy. We then argue that such a strategy entails a structural change for the economy, whose analysis cannot be limited...

This paper analyses the impact of alternative monetary policies on the performances of an economy facing technological changes. It shows that the restructuring of productive capacity necessary to embed the new technologies usually implies initial drops in employment and productivity, that are...