We evaluate the implications of financial de-dollarization on the strength of balance sheet effects in a small open economy following an unanticipated shock to the foreign risk-free interest rate. In particular, we extend ...

In this chapter we extend a new Keynesian open economy model to include a housing market and credit constraints in line with Iacoviello (2005). This setup allows us to study the effect of changes in credit conditions, ...

El presente volumen es un homenaje a la denominación de Julio Velarde Flores como “Banquero Central del Año 2015”, a nivel global y de América, por la prestigiosa revista The Banker del grupo Financial Times. El libro ...