Inflation persists at moderate rates of 15-30 percent in all the countries that successfully reduced triple digit inflations in the 1980s. Several other countries, for example Colombia, have experienced moderate inflation for prolonged periods. In this paper we first set out theories of...

While output declined in virtually all transition economies in the initial years, the speed and extent of the recovery that followed has varied widely across these countries. The contrast between the more and less successful transitions, the latter largely in the former Soviet Union, raises many...

This paper surveys much of modern macroeconomics. The focus is on the core macroeconomic issue, of the reasons for macroeconomic fluctuations and sometimes persistent unemployment. To provide continuity and perspective on how promising research leads of the past turned out, the paper starts by...