This dissertation consists of three essays organized as chapters. On the first chapter, I revisit the discussions which evaluate different fluctuations of major economic variables produced by different monetary policy rules for small open economies, given the existence of liability dollarization. In particular, monetary rules which either include or exclude exchange rate stability as a monetary...

This article provides a detailed introduction to China's launching of digital currency. We conduct comparative analysis concerning whether currency is more stable and reliable than cryptocurrency investigate renminbi (or yuan) could replace the US dollar as medium exchange in international transactions. China has gained first-mover advantage by rolling out central bank (CBDC). But outcome will ...

21 22 Abstract 23 24 Does the dollarization of liabilites and the resulting balance sheet vulnerability prevent 25 monetary policy from serving its conventional countercyclical role? We study this question 26 in a model of a small open economy in which domestic firms face an imperfect capital 27 w market, with risk premia depending on net worth as in Bernanke and Gertler Am. Econ. 28 Ž . x Rev....