The central bank's optimal objective function is analyzed in a small open economy model allowing for incomplete exchange rate pass-through. The results indicate that social welfare can only be marginally improved by including an explicit exchange-rate term in the delegated objective function,...

The performance of various monetary rules is investigated in an open economy with incomplete exchange rate pass-through. Implementing monetary policy through an exchange-rate augmented policy rule does not improve social welfare compared to using an optimized Taylor rule, irrespective of the...

This is the first study of poverty, and income distribution in Croatia, which aims to provide an assessment of the country's poverty status, to explain the causes of poverty, and recommend actions to efficiently reduce poverty. In comparing international poverty standards across transition...