Testing the international Trilemma traditionally relies on discretely classified exchange rate regimes. This simplification limits the implications drawn for middle-ground policies like managed floats or basket pegs, and inhibits inference on the empirical shape of the exchange rate stability --...

This paper examines the role of foreign exchange (FX) reserves and other fundamental factors in explaining cross-country differences in foreign currency depreciation observed over the 2021-22 Federal Reserve monetary policy tightening cycle that led to a sharp appreciation of the US dollar....

This paper takes a multi-country perspective to address several challenges in estimating the effects of recessionary shocks when interest rates are low and near the zero lower bound (ZLB). Using panel, time-series, and non-linear VAR techniques, country-specific adjustments to global demand...