Oscar Mauricio Valencia-Arana
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- Publicación |Does the effectiveness of monetary policy depend solely on the decisions of the central bank? This paper examines how sovereign risk also influences the transmission of monetary policy actions. The findings show that greater fiscal stress reduces the central bank’s stabilization capacity and…
- Publicación |
Can technological misallocation generate financial frictions? We build a theoretical model with testable implications, in which the misallocation between R&D and production activities generates borrowing constraints. The investor offers the innovator a rent that is contingent to the success…
