A series of papers have shown that a monetary regime targeting nominal GDP (NGDP) can reproduce the distribution of risk that would exist if there were widespread use of state-contingent debt securities (Koenig, 2013; Sheedy, 2014; Azariadis et al., 2016, Bullard and DiCecia, 2018). This paper...

Monetary policy independence under flexible exchange rates : the Federal Reserve and monetary policy in Latin America : is there policy "spillover"? / Sebastian Edwards -- The international impact of the Fed when the United States is a banker to the world / David Beckworth and Christopher Crowe...