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Abstract Empirical evidence is mounting that, in advanced economies, changes in monetary policy have a more benign impact on the economy?given better anchored inflation expectations and inflation being less responsive to variation in unemployment?compared to the past. We examine another aspect that could explain this empirical finding, namely the demographic shift to an older society. The paper first clarifies potential transmission channels that could explain why monetary policy effectiveness may moderate in graying societies. It then uses Bayesian estimation techniques for the U.S., Canada

In this paper we first explain why most microstates (countries with less than 2 million inhabitants) have gained independence only in the last 30 years. Despite the higher costs and risks microstates face, their ability to better accommodate local preferences combined with a more integrated world economy probably explains why the benefits of independence have risen. We explain why microstates at independence have chosen either dollarization, currency board arrangements, or fixed exchange rates rather than more flexible forms of exchange rate systems. We then, using the Geweke-Hajvassiliou-Kean

We describe unique aspects of microstates-they are less diversified, suffer from lumpiness of investment, they are geographically at the periphery and prone to natural disasters, and have less access to capital markets-that may make the current account more vulnerable, penalizing exports and making imports dearer. After reviewing the ""old"" and ""new"" view on current account deficits, we attempt to identify policies to help reduce the current account. Probit regressions suggest that microstates are more likely to have large current account adjustments if (i) they are already running large cu

In this paper I first explain why most microstates (countries with less than two million inhabitants) have gained independence only in the last 30 years. Despite the higher costs and risks microstates face, their ability to better accommodate local preferences, combined with a more integrated world economy, probably explains why there are now more benefits to independence. I explain why microstates at independence have chosen either dollarization, currency board arrangements, or fixed exchange rates rather than more flexible forms of exchange rate systems. I then, using the Geweke‐Hajivassiliou‐Keane multivariate normal simulator, model empirically the determinants of each of the different fixed exchange rate regimes in microstates and analyze the policy implications.

2. Real GDP Per Capita in Jus Soli and Non-Jus Soli Developing Countries, 1970-20143. Synthetic Control Method: Treatment Effect of Moving from a Jus Soli Law to a Jus Sanguinis Law; Tables; 1. Citizenship and Development: OLS Results; 2. Citizenship and Development: Panel and Instrumental Variable Estimations; 3. Citizenship and Development: Alternative Definition of Citizenship Law; 4. Citizenship and Development: Additional Control Variables; 5. Dynamics of Citizenship Laws in Developing Countries, 1948 vs. 2014; Appendix Tables; A1. Citizenship and Development: OLS Results

The growth literature has had problems explaining the ""sub-Saharan African growth dummy"" in cross-country regressions. Instead of taking the usual approach of focusing on long-run growth and assuming that sub-Saharan countries have homogenous parameters in growth regressions, we concentrate our analysis on episodes of growth turnarounds (identifying growth accelerations, decelerations, and collapses) and use only West African countries in our sample. The driving force of growth turnarounds are estimated by analyzing external shocks, political and institutional changes, economic reforms, and

We assess the competitiveness of Mauritius in recent years using two approaches. First, we estimate the difference between the equilibrium and the actual real exchange rate using four methods: the macroeconomic balance approach, the single-equation fundamentals approach, the capital-enhanced approach, and the external sustainability approach. The methods consistently suggest that at the end of 2007 the exchange rate was aligned with its equilibrium value. Second, we undertake a comparative analysis of structural competitiveness indicators and find that Mauritius often fares better on business