NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Overcoming the Fear of Free Falling: Monetary Policy Graduation in Emerging Markets

Carlos A. Vegh, Guillermo Vuletin

NBER Working Paper No. 18175
Issued in June 2012

---- Acknowledgements -----

This paper was prepared for a conference on "The role of Central Banks in financial stability: How has it changed?" organized by the Federal Reserve Bank of Chicago on November 10-11, 2011. We are grateful to Pablo Federico, Agustin Roitman, and conference participants for helpful comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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