The paper estimates McCallum and Taylor monetary policy reaction functions, hybrids mixing instruments and targets from the two frameworks, and nominal feedback mechanisms for 20 emerging market economies. The choice of framework employed in analysing each country is informed by the...

One Economics, Many Recipes: Globalization, Institutions and Economic Growth Dani Rodrik

This paper investigates banking system instability vis-à-vis the day-to-day interbank market and monetary policy effectiveness in the Dominican Republic. The analysis reveals a negative relationship among excess banking system reserves and the interbank interest rate, and shows that in crisis...

This paper models daily returns, volatility, and ‘news’ in the parallel foreign exchange market of a small developing economy, namely the Dominican Republic, during the period 1989-2001. The research adopts a non-linear specification that encompasses several members of the GARCH family. A...

The paper investigates Okun’s Law for the Dominican Republic during the second part of the twentieth century and the first decade of the twenty first. The econometric modelling estimates an Okun coefficient implying that, on average, for every 1 percent growth in real output the unemployment...

The paper compares the impact of announcing exchange rate-based versus money-based stabilisation programmes in a time series cross-section of countries. The analysis finds that, on average, the effect of announcing exchange rate-based programmes is more credible, in terms of reducing inflation...

This paper studies the role of monetary and open economy indicators in inflation targeting (IT) economies through the analysis of a nested Phillips curve/ P-star model for Chile and Mexico. For Chile a real money gap and a money growth indicator are found to be relevant in predicting deviations...

This paper investigates money demand in the Dominican Republic. The study employs monthly economic time series covering a period of stabilization and rapid economic growth alongside financial dollarization. The analysis reveals meaningful long-run relations for narrow and for broad monetary...