Just how important is money? Few would deny that it plays a key role in the economy.­ During the Great Depression of the 1930s, existing economic theory was unable either to explain the causes of the ...

Which levels of interest rates along the yield curve are consistent with stable economic activity? We use expectations at the daily frequency reflected in financial market prices to extract the state ...

The objective of this paper is to show that open economies that have (1) a high degree of capital mobility, (2) a low degree of organization in financial markets, and (3) a high sensibility of net ...