The current financial crisis has revived the interest for monitoring both monetary and credit developments. Over the past two decades, consistent with the adoption of inflation targeting strategies by a growing number of central banks and the development of New Keynesian models for which...

[fre] Cet article étudie l’ampleur et les déterminants de la synchronisation des cycles d’activité à l’intérieur de la Chine. Le fédéralisme de facto qui caractérise ce pays suggère l’importance de la coordination entre les différentes politiques provinciales. Nous portons une...

This paper documents business cycles’ fluctuations in Chinese provinces. China’s de facto federalism, within a context of great geographical and economic diversity, suggests the great importance of policy coordination between provinces. We investigate the role of various potential...

In this paper, we solve a large class of non-linear rational expectations models with regime switching, i.e. recurring shifts in parameters. The regime-switches and the shocks may follow state-dependent probability distributions. Using a perturbation approach, we first prove that sufficient...