Using 1970-85 sectoral data for the OECD we find that inflation in nontradable good exceeds inflation in tradables. We identify a demand shift towards nontradables and faster growth of total factor productivity in the tradable goods sector as the prime causes of the differential inflation. In...

Based on matching household surveys for three central European countries, Bulgaria, Hungary and Poland, we explore the determinants of household saving rates in transition economies. We find savings rates to increase strongly in relative income and to be significantly higher for households...

Post-1945 Europe had many of the traits observed today in Eastern Europe and the Soviet Union: price controls, shortages, black markets and a monetary overhang. The policy response in most countries was monetary reform - - the deliberate immobilization of liquid assets and in many instances an...

Based on matching household surveys for three central European countries, Bulgaria, Hungary and Poland, we explore the determinants of household saving rates in transition economies. We find savings rates to increase strongly in relative income and to be significantly higher for households...