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International Reserves, Exchange Rates, and Monetary Policy: From the Trilemma to the Quadrilemma  

Joshua Aizenman

The links of international reserves, exchange rates, and monetary policy can be understood through the lens of a modern incarnation of the “impossible trinity” (aka the “trilemma”), based ... More

Political Economy of Reform  

Stuti Khemani

“Reform” in the economics literature refers to changes in government policies or institutional rules because status-quo policies and institutions are not working well to achieve the goals ... More

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