1 “...) that have less flexible exchange rate regimes; and (iv) with lower initial public debt-to-GDP ratios...”

2 “...) during periods of slack; (ii) in economies operating with fixed exchange rate regimes; (iii) in more...”

3 “... policy is more effective in countries with flexible exchange rate regime, more developed financial...”

4 “... characteristics such as trade, financial openness and exchange rate regime. In a two-sector new- Keynesian model...”

5 “... differences in the spillover effects across recipient countries depending on their exchange rate regime...”