AMPF Papers

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Commissioned Paper

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May 2019

This paper reviews the central role of the US dollar in the global trade, financial and monetary systems. The dominance of the US dollar as an invoicing, issuance, anchor and reserve currency has increased over time, especially so and somewhat paradoxically since the end of the Bretton Woods system....
Keywords: Pierre-Olivier Gourinchas (University of California, Berkeley)
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Members' Digest

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2018

media/abfer-events-2017/member-digest/MPD2018-001-slides.pdf...
Keywords: Darrell DUFFIE (Stanford University)
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AMPF Papers

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Commissioned Paper

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May 2017

A majority of countries neither freely float their currencies nor firmly peg. But most of the remainder in practice also don’t obey such well-defined intermediate exchange rate regimes as target zones. This paper proposes to define an intermediate regime, to be called “systematic managed floatin...
Keywords: Jeffrey FRANKEL
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Annual Conference

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Economic Transformation of Asia

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May 2017

Informal-sector employment is pervasive in developing economy cities. The informal sector contributes little to public finance and has low productivity due to the lack of access to trade support and export market, which is available in the formal sector. We study cross-region variations in employmen...
Keywords: Informal sector, Spatial equilibrium, Formalization cost, Export
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2017

We propose a tractable and coherent framework that captures both conventional and unconventional monetary policies with the shadow fed funds rate. Empirically, we document the shadow rate’s resemblance to an overall financial conditions index, various private interest rates, the Fed’s balance sh...
Keywords: Shadow Rate, New Keynesian model, unconventional monetary policy, zero lower bound, QE, lending facilities
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