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Article
A Bayesian-Estimated Model of Inflation Targeting in South Africa
This paper estimates a small dynamic macroeconomic model for the South African economy with Bayesian methods. The model is tailored to assessing the impact of domestic as well as external shocks on inflation w...
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Article
Debt Overhang or Debt Irrelevance?
Do highly indebted countries suffer from a debt overhang? Can debt relief foster their growth rates? To answer these important questions, this article looks at how the debt-growth relation varies with indebted...
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Article
Uncertainty, Flexible Exchange Rates, and Agglomeration
This paper shows that exchange rate volatility promotes agglomeration of economic activity. Under flexible rates, firms prefer to locate in large countries, where they would enjoy lower variability of sales, t...
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Article
Exchange Rate Regimes, Location, and Specialization
This paper investigates the effects of fixed versus flexible exchange rates on firms’ location choices and on countries’ specialization patterns. In a two-country, two-differentiated-goods monetary model, unce...
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Article
Capital Account Liberalization and Economic Performance: Survey and Synthesis
This paper surveys the literature on the effects of capital account openness and stock market liberalization on economic growth and provides a synthesis in which we reconcile some of the different results pres...