• Economics
  • Published 2004

Institutions and Cyclical Properties of Macroeconomic Policies

@inproceedings{Caldern2004InstitutionsAC,
  title={Institutions and Cyclical Properties of Macroeconomic Policies},
  author={C{\'e}sar Calder{\'o}n and Roberto Duncan and Klaus Serven Luis Schmidt-Hebbel},
  year={2004}
}
Strong swings in business cycle conditions in industrial and emerging market economies (EMEs) alike have renewed the debate on effectiveness of stabilization policies. Traditionally it has been argued that EMEs are unable to pursue counter-cyclical monetary and fiscal policies due to financial imperfections and unfavorable political-economy equilibriums. However, we claim that EMEs with institutional features similar to those of industrial countries may be able to conduct counter-cyclical… CONTINUE READING

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