The world’s second-largest economy is awakening from a yearslong stupor. Since the pandemic’s onset, China’s “Zero COVID” policy has imposed harsh side effects on its commerce. Now, the nation’s most ...

This paper presents a calibrated DSGE model of the economy of North Macedonia that was developed at the National Bank of the Republic of North Macedonia (NBRNM) within a technical assistance project ...

Abstract: This paper develops a small open economy model in which entrepreneurs partially finance investment using foreign currency–denominated debt subject to an external finance premium. We use ...

In an open-economy model with labor market search frictions and both the intensive and extensive margins, we identify two interrelated inefficiencies in the decentralized allocation. First, a trade ...

In 1985, the United States made a bold and unexpected move. At the height of the Cold War, it signed its first-ever Free Trade Agreement – not with a fellow superpower or a key regional bloc, but with ...