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Author:Santacreu, Ana Maria 

Journal Article
Monetary Policy in Small Open Economies: The Role of Exchange Rate Rules

Understanding the costs and benefits of alternative monetary policy rules is important for economic welfare. Within the context of a small open economy model and building on the work of Mihov and Santacreu (2013), the author analyzes the economic implications of two monetary policy rules. The first is a rule in which the central bank uses the nominal exchange rate as its policy instrument and adjusts the rate whenever there are changes in the economic environment. The second is a standard interest rate rule in which the central bank adjusts the short-term nominal interest rate to changes in ...
Review , Volume 97 , Issue 3 , Pages 217-32

Journal Article
Long-Run Economic Effects of Changes in the Age Dependency Ratio

A decrease in the labor force and an increase in the elderly population could slow economic growth.
Economic Synopses , Issue 17 , Pages 1-2

Journal Article
The Rise of Asia as a Destination for U.S. Patenting

China has become one of the main destinations where U.S. inventors seek to protect their intellectual property.
Economic Synopses , Issue 27 , Pages 1-2

The Rise of Cross-Border Patenting: Trends and Implications

Excluding China, foreign patent applications have narrowed the gap with domestic patent applications, suggesting a global trend toward cross-border patenting.
On the Economy

Working Paper
Reaction functions in a small open economy: What role for non-traded inflation?

I develop a structural general equilibrium model and estimate it for New Zealand using Bayesian techniques. The estimated model considers a monetary policy regime where the central bank targets overall inflation but is also concerned about output, exchange rate movements, and interest rate smoothing. Taking the posterior mean of the estimated parameters as representing the characteristics of the New Zealand economy, I compare the consequences that two alternative reaction functions have on the central bank's loss, for different specifications of its preferences. I obtain conditions under ...
Working Papers , Paper 2014-44

Journal Article
A Closer Look at China’s Supposed Misappropriation of U.S. Intellectual Property

China has significantly increased its payments for the use of U.S. intellectual property.
Economic Synopses , Issue 5

Combining Economics with Policy Research

Before she was studying international trade, economist Ana Maria Santacreu was going to be an engineer. But she kept drifting to her parents’ area of study.
On the Economy

From Partner to Rival: Understanding China’s Technological Rise through Patent Data

A new measure of patent similarity shows China shifting its international patents toward technology-intensive industries traditionally dominated by developed nations.
On the Economy

Discussion Paper
Fiscal policy and excess inflation during Covid-19: a cross-country view

The recent surge in inflation in many countries around the world and the fiscal stimulus provided in the face of the COVID-19 pandemic has renewed interest in analyzing the potential role of large fiscal spending as a driver of price increases. In this note, we examine how fiscal support impacted the balance between supply and demand across countries during the COVID-19 crisis. 
FEDS Notes , Paper 2022-07-15-1

Journal Article
Profit Shifting Through Intellectual Property

Patent data can give us insights on profit shifting due to multinationals moving intellectual property to tax havens.
Economic Synopses , Issue 22 , Pages 1-2

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