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Capital Controls: A Survey of the New Literature  

Alessandro Rebucci and Chang Ma

Online publication date:
Apr 2020
This paper reviews selected post–Global Financial Crisis theoretical and empirical contributions on capital controls and identifies three theoretical motives for the use of capital ... More

Geography of Growth and Development  

Esteban Rossi-Hansberg

The geography of economic activity refers to the distribution of population, production, and consumption of goods and services in geographic space. The geography of growth and development ... More

Global Spillovers in a Low Interest Rate Environment  

Sushant Acharya and Paolo Pesenti

Online publication date:
May 2019
Global policy spillovers can be defined as the effect of policy changes in one country on economic outcomes in other countries. The literature has mainly focused on monetary policy ... More

Home Bias in International Macroeconomics  

Viktoria Hnatkovska

Online publication date:
Apr 2019
Home bias in international macroeconomics refers to the fact that investors around the world tend to allocate majority of their portfolios into domestic assets, despite the potential ... More

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

Purchasing Power Parity and Real Exchange Rates  

Menzie D. Chinn

Online publication date:
Jul 2019
The idea that prices and exchange rates adjust so as to equalize the common-currency price of identical bundles of goods—purchasing power parity (PPP)—is a topic of central importance in ... More

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