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Fiscal multipliers in recessions and expansions : does it matter whether government spending is increasing or decreasing ? (English)

Using non-linear methods, this paper finds that existing estimates of government spending multipliers in expansion and recession may yield biased results by ignoring whether government spending is increasing or decreasing. ... See More +

Policy Research Working Paper WPS6993 JUL 01, 2014

Riera-Crichton, Daniel; Vegh, Carlos A.; Vuletin, Guillermo Disclosed

Reserve requirements in the brave new macroprudential world (English)

Using a new, large data set on quarterly reserve requirements for the period 1970-2011, this paper provides new evidence on the use of reserve requirements as a countercyclical macroprudential tool in developing countries. ... See More +

Policy Research Working Paper WPS6793 FEB 01, 2014

Cordella, Tito; Federico, Pablo; Vegh, Carlos; Vuletin, Guillermo Disclosed

Reserve requirements in the brave new macroprudential world (English)

The active use of prudential instruments to regulate the level of credit and influence its allocation, popular in the 1970s and 1980s, fell somehow into disgrace in the 1990s, when the regulatory pendulum swung towards liberalization as a way to foster financial deepening and a more efficient allocation of resources. ... See More +

Publication 86475 JAN 01, 2014

Cordella, Tito; Federico, Pablo; Vegh, Carlos; Vuletin, Guillermo Disclosed

The effect of capital flows composition on output volatility (English)

A large literature has argued that different types of capital flows have different consequences for macroeconomic stability. By distinguishing between foreign direct investment and portfolio and other investments, this paper studies the effects of the composition of capital inflows on output volatility. ... See More +

Policy Research Working Paper WPS6386 MAR 01, 2013

Federico, Pablo; Vegh, Carlos A.; Vuletin, Guillermo Disclosed