We present a small-open-economy model to analyze the role of central bank’s liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, we explicitly model the facilities that the central bank uses to manage the liquidity...

This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage...

This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing "unconventional" monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage...

In this note I provide a notion of a credible devaluation policy in the context of the Chang and Velasco (2000) model. I show that when the long term asset is illiquid enough a flexible exchange rate policy is credible. It is also shown that there exists a non-trivial range for the liquidation...

or counteract problems related to lack of liquidity.

'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level--the first such data in the region--and results from a homogeneous corporate governance questionnaire, the book examines...

Popular press and some practitioners have warned against threats that buying risky assets pose on agents saving for retirement, children education and other uses. This paper shows that in a standard two-period general equilibrium model where some saver shave no risk-sharing motives, there exists...

'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level--the first such data in the region--and results from a homogeneous corporate governance questionnaire, the book examines...