We study the response of a three-sector commodity-exporter small open economy to a
commodity price boom. When the economy has access to international borrowing and …

We documented that for some oil-exporting countries, the correlation between exchange
rates and oil prices is strongly negative during periods of significant oil price drop but is …

This paper analyzes the macroeconomic effects of commodity price shocks on a commodity
exporting country. In doing so, we use a DSGE model developed to describe the business …

While the conventional policy prescription for dealing with commodity price shocks is the
adoption of a flexible exchange rate regime, a view popularized by Friedman (1953), in …

This paper investigates the effects of real energy price shocks on current account balances
of 45 emerging market and developing economies. The investigation is based on country …

Borrowing constraints are a key component of modern international macroeconomic models.
The analysis of Emerging Markets (EM) economies generally assumes collateral borrowing …

This article has three goals. First, it describes the genesis of fiscal rules in Peru and its
degree of compliance. Second, it estimates the effect of fiscal rules adoption on public …

The issue of rural and marginal areas has regained centrality in recent times, also due to the
fact that rural areas actively participate in the EU's green and digital transition. The starting …

We analyze the welfare effects of alternative fiscal rules in the context of shocks to the
commodity sector of a commodity-rich country. We build a DSGE model featuring three …

This paper studies the role of households' heterogeneity in access to financial markets and
the consumption of commodity goods in the transmission of foreign shocks. First, I use …