Vitor Gaspar

TL;DR: In this article, the authors show that specific monetary policy actions have different impacts on economic agents depending on the overall policy framework according to which they are conducted and that it is the monetary policy strategy that a central bank uses to translate relevant information into actions and to publicly explain such actions that really matters when it comes to affecting market expectations and indirectly, economic behaviour and outcomes.

TL;DR: In this paper, the authors show that when private sector expectations are determined in line with adaptive learning, optimal policy responds persistently to cost-push shocks and stability of inflation expectations.

TL;DR: The winners will be announced at a special ceremony in New York later this month.

TL;DR: In this article, the authors analyse the effect of monetary policy decisions on the stochastic behavior of interest rates and find that monetary policy announcements do not change significantly the level or volatility of overnight rates.

TL;DR: In this paper, the authors present a canonical new neo-classical synthesis open economy model where the central bank follows a strategy directed at maintaining price stability and show that the behaviour of the exchange rate depends on the structure of the economy and on the nature of the relevant shocks.