This paper reviews the various macroeconomic stabilization programs during the Macri
government between 2015 and 2019. We ind that after an initial success each program was …

We study the problem of a monetary authority pursuing an exchange rate policy that is
inconsistent with interest rate parity because of a binding zero lower bound constraint. The …

A major obstacle for the implementation of a general-purpose central bank digital currency
(CBDC) is the risk of bank disintermediation, potentially jeopardizing financial stability and …

A central equation for the fiscal theory of the price level (FTPL) is the government budget
constraint (or “government valuation equation”), which equates the real value of government …

In a general equilibrium macroeconomic model with a banking system that can hold large
excess reserves and is subject to (possibly binding) capital constraints, I study how the …

This paper surveys and modestly extends the theory of menu-cost models of the behavior of
the aggregate price level after large-cost shocks. It does so in the context of an economy …

This paper reviews the various macroeconomic stabilization programs implemented during
the Macri government between 2015 and 2019. After an initial success, each program was …

I study a non-stochastic, perfect foresight, general equilibrium model with a banking system
that may hold large excess reserves when the central bank pays interest on reserves. The …

This article describes and measures how the Bank of Amsterdam supplied a successful fiat
money in a world of specie by offering the unlimited repo of large coins at a near-zero rate …

I show that, in real small‐open as well as large‐open economies, international borrowing
produces a destabilizing effect that significantly lowers the minimum level of increasing …