We provide an initial assessment of the Federal Reserve's policy response to the COVID-19 contraction. We briefly review the historical episode and consider the standard textbook treatment of a pandemic on the macroeconomy. We summarize and then evaluate the Fed's monetary and emergency lending...

I study the economies of Colombia (floating exchange rate) and Panama (dollarized) to illustrate how the monetary policy of a large economy can export capital structure distortions to small open economies that follow a different exchange rate regime. If these distortions bear enough weight, then...

This paper uses a Synthetic Control Analysis to examine the economic effectiveness of dollarization in Ecuador. We address common concerns surrounding the adoption of dollarization as a policy and provide several solutions to those concerns. We find that dollarization resulted in significant...