F41

Julien Bengui · Louphou Coulibaly

Layer 1 — Overview Research Question Bengui and Coulibaly ask whether the pattern of capital flows observed during the 2021–2023 global monetary tightening cycle — whereby capital flowed from …

Francesco Ferrante · Nils Gornemann

Layer 1 — Overview Research Question Ferrante and Gornemann study the aggregate and redistributive effects of currency devaluations in emerging market economies, focusing on a feature that prior …

Michael McLeay · Silvana Tenreyro

Layer 1 — Summary An emerging view in international macroeconomics contends that dollar invoicing of exports renders monetary policy ineffective for non-U.S. countries: because export prices are …

Alessandro Moro · Valerio Nispi Landi

Moro and Nispi Landi develop FraNK, a multi-country New Keynesian model designed to study geoeconomic fragmentation — defined, following Aiyar et al. (2023), as a policy-driven reversal of economic …

Sergio Villalvazo

Layer 1 — Overview Research Question This paper studies the cross-sectional dimension of Fisher’s (1933) debt-deflation mechanism as it operates during Sudden Stop crises — episodes …

Mauricio Barbosa-Alves · Javier Bianchi · César Sosa-Padilla

The paper extends the Cole-Kehoe (2000) sovereign rollover crisis model to include international reserves and derives the joint optimal management of sovereign debt and reserves in a small open …

Fabio Ghironi · Daisoon Kim · Galip Kemal Ozhan

Sanctions are increasingly used as an instrument of economic statecraft, yet their macroeconomic consequences—especially the transitional dynamics and their effects on business cycles—are poorly …

Chun-Che Chi

Layer 1 — Overview Research Question This paper studies how the lender structure of external debt — specifically, the degree to which a borrowing country’s external debt is concentrated among a …

Masao Fukui · Emi Nakamura · Jón Steinsson

Layer 1 — Overview Research Question How does an exchange rate depreciation causally affect macroeconomic outcomes? The paper asks whether depreciations are expansionary or contractionary, and through …

Felipe Saffie · Liliana Varela · Kei-Mu Yi

Using the 2001 Hungarian capital account liberalization as a quasi-natural experiment and census-level firm data covering the entire economy (1992–2008), the paper identifies two channels through …

Mamoon Kader · Hashmat Khan · Minjoon Lee · Raúl Razo-García

Layer 1: Overview This paper uses an open-economy heterogeneous-household model with incomplete markets to evaluate the welfare and distributional consequences of the U.S. Tax Cuts and Jobs Act (TCJA) …