---
title: This Time Is (Mostly) Different: U.S. Tightening Cycles and Global Resilience in the 1980s vs 2020s
url: https://www.ml-quant.com/papers/repec/nbr-nberwo-35673/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-10-16
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: RePEc:nbr:nberwo:35673
source_url: https://econpapers.repec.org/RePEc:nbr:nberwo:35673
featured: 2026-10-16
citations: unknown
topic: Macro-Finance & Rates
---


# This Time Is (Mostly) Different: U.S. Tightening Cycles and Global Resilience in the 1980s vs 2020s

The study compares monetary tightening in the 1980s and 2020s, finding that fiscal space—not exchange-rate flexibility alone—explains why emerging markets have avoided crisis this time.

- Source: https://econpapers.repec.org/RePEc:nbr:nberwo:35673
- Identifier: RePEc:nbr:nberwo:35673
- Released: 2026-10-05
- First featured: Quant Letter No. 135 (2026-10-16): https://www.ml-quant.com/issues/2026-10-16/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Macro-Finance & Rates
- Authors: Drishan Banerjee, Galina Hale, Harrison Shieh

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