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Business cycle implications of rising household credit market participation in emerging countries
(BCP, 2019-12-01)
A small open emerging-economy model is extended with a household sector financial constraint to investigate business cycle implications of a rise in household access and use of financial services. Estimating the model on ...
Comparing exchange rate forecastability: the Paraguay case
(BCP, 2019-07-01)
Forecasting exchange rates is a very difficult task. Since Meese and Rogoff’s (1983) results showed that no model could outperform a driftless random walk in predicting exchange rates, there have been many papers which ...
Agricultural composition and labor productivity
(BCP, 2019-10-06)
Labor productivity differences between developing and developed countries are much larger in agriculture than in non-agriculture. We show that cross-country differences in agricultural composition explain a substantial ...