NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Financial Frictions and Unconventional Monetary Policy in Emerging Economies

Roberto Chang, Andrés Velasco

NBER Working Paper No. 21955
Issued in February 2016

---- Acknowledgments ----

Prepared for the 2015 IMF Annual Research Conference. We are grateful for comments and suggestions from Marcos Chamon and participants of seminars at CREI (Pompeu Fabra) and the Central Bank of Austria. 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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