We study the contribution of money to business cycle fluctuations in the US, the UK, Japan, and the Euro area using a small scale structural monetary business cycle model. Constrained likelihood-based estimates of the parameters are provided and time instabilities analyzed. Real balances are...

We examine the relationship between institutions, culture and cyclical fluctuations for a sample of 45 European, Middle Eastern and North African countries. Better governance is associated with shorter and less severe contractions and milder expansions. Certain cultural traits, such as lack of...

We date turning points of the reference cycle for 19 Mediterranean countries and analyze their structure and interdependences. Fluctuations are volatile and not highly correlated across countries; recessions are deep but asynchronous making average output losses in the area limited....

We examine the relationship between institutions, culture and cyclical fluctuations for a sample of 45 European, Middle Eastern and North African countries. Better governance is associated with shorter and less severe contractions and milder expansions. Certain cultural traits, such as lack of...

The consumer price index stood at 0.2% in August 2014 (0.1% in August 2013), 0.3 p.p. lower than the value observed in the preceding month. Therefore, inflation stood at 7.6% on an annualized basis. The consumer price index reached 0.5% within the fi rst 22 days in September 2014. Banks’ repo...

In June 2014, the consumer price index stood at 0.6% (0.4% in June 2013), 0.3 p.p slightly below the value observed in May 2014. Therefore, inflation stood at 7.8% at the end of the 12-month period. The consumer price index reached 0.5% within 21 days in July 2014. As of July 1, 2014, banks’...

The consumer price index stood at 0.5% in July 2014 (0.8% in July 2013), down by 0.1 p.p compared to the value observed in June 2014. Therefore, inflation stood at 7.5% on an annualized basis. The consumer price index reached 0.2% within 25 days in August. The Bank of Russia Board of Directors...

On 15 January 2015, the Bank of Russia Board of Directors decided to reduce the key rate by 2 pp., to 15% per annum, due to the shift in the balance of risks of accelerated consumer price growth and an economic cooldown. In January 2015, the Consumer Price Index increased by 3.9% (vs. 0.6% in...

Вследствие изменения баланса рисков ускорения роста потребительских цен и охлаждения экономики 30 января 2015 г. на очередном заседании Совета директоров Банка...

В сентябре 2013 г. индекс потребительских цен составил 0,2% (0,6% в сентябре 2012 г.), что на 0,1 п.п. выше, чем в августе текущего года. В результате инфляция в годовом...