Recent Issues in Emerging-economies Macroeconomics

Recent Issues in Macroeconomics : Post - Financial Crisis

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 adopted by advanced countries. The main goal of the annual conference of Seoul Journal of Economics 2...

Pension Reform in Small Emerging Economies Issues and Challenges

Vives for their helpful comments and suggestions, and to Graciela Testa for her help in editing the document. The opinions expressed in this paper are the responsibility of the authors and do not necessarily reflect the official position of the Inter-American Development Bank or the International Monetary Fund. Foreword During the last decade, a consensus has been reached about the need to devi...

Monetary policy rules in emerging market economies: issues and evidence

The paper reviews the recent conduct of monetary policy and central banks’ interest rate setting behaviour in emerging market economies. Using a standard open economy reaction function, we test whether central banks in emerging economies react to changes in inflation, output gaps and the exchange rate in a consistent and predictable manner. In most emerging economies the interest rate responds ...

Online Appendix A Simple Model to Teach Business Cycle Macroeconomics for Emerging Market and Developing Economies

Simple Models to Understand and Teach Business Cycle Macroeconomics for Emerging Market and Developing Economies

September 2015 Abstract The canonical neoclassical model is insufficient to understand business cycle fluctuations in emerging market and developing economies (EMDEs). I reformulate the models proposed by Aguiar and Gopinath (2007) and Neumeyer and Perri (2005) in simple settings that can be used to do back-of-the-envelope analysis and teach business cycle macroeconomics for EMDEs at the underg...