In this paper, we summarize the recent advancement of emerging-economies macroeconomics. We begin with stylized facts and models of real business-cycles for emerging-market countries and then move onto the discussion of various issues associated with overborrowings and sovereign debts. The...

Many recent studies in macroeconomics have focused on the estimation of DSGE models using a system of loglinear approximations to the models' nonlinear equilibrium conditions. The term macroeconometric equivalence encapsulates the idea that estimates using aggregate data based on first-order...

The recent global financial crisis has been marked by prolonged deep recessions in advanced countries. Academic researchers and policy makers have devoted much of their time and efforts to understand the effectiveness and consequences on emerging countries of non-standard macroeconomic policies...