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Traditional ways of analyzing the effects of monetary policy shocks via structural vector autoregressions require the use of unrealistic identifying assumptions: they either do not allow for a response of output and prices on impact of the shock, or they exclude contemporaneous values of these...
Persistent link: https://www.econbiz.de/10011382001
Is over-optimism about a country's future growth perspective good for an economy, or doesover-optimism also come with costs? In this paper we provide evidence that recessions, fiscalproblems, as well as Balance of Payment-difficulties are more likely to arise in countrieswhere past growth...
Persistent link: https://www.econbiz.de/10012913905
Is over-optimism about a country's future growth perspective good for an economy, or does over-optimism also come with costs? In this paper we document that recessions, fiscal problems, as well as Balance of Payment-difficulties are more likely to arise in countries where past growth...
Persistent link: https://www.econbiz.de/10012916900
Identifying monetary policy shocks is difficult. Therefore, instead of trying to do this perfectly, this paper exploits a natural setting that reduces the con sequences of shock misidentification. It does so by inferring from the responses of variables in dollarized countries. They import US...
Persistent link: https://www.econbiz.de/10013132865
Persistent link: https://www.econbiz.de/10010191084
Is over-optimism about a country's future growth perspective good for an economy, or does over-optimism also come with costs? In this paper we provide evidence that recessions, fiscal problems, as well as Balance of Payment-difficulties are more likely to arise in countries where past growth...
Persistent link: https://www.econbiz.de/10011866376
Persistent link: https://www.econbiz.de/10011883571
We use the Synthetic Control Method to study the effect of IMF advice on economic growth, inflation, and investment. The analysis exploits the existence of IMF programs that do not involve any financing (Policy Support Instruments, 'PSIs'). This enables us to focus on the effects of IMF...
Persistent link: https://www.econbiz.de/10011704441