This paper analyzes the impact of monetary policy during periods of low and high financial stress in the US economy using a Threshold Vector Autoregression model. There is evidence that expansionary monetary policy is effective during periods of high financial stress with larger responses having...

The objective of Basilio and Cacnio's paper is to examine the link between the distribution of relative price (rp) changes and short-run inflation (π) for the Philippines between 1994 and 2019. The authors follow the approach of Ball and Mankiw (1995), who focus on higher-order moments such as...