Debt relief and the scaling up of aid to low-income countries should allow for increased fiscal space for expenditure programs to spur long-term growth and reduce poverty. But as discussed in Peter Heller’s article “Pity the Finance Minister†(World Economics, Vol. 6, No. 4),...

[eng] The Franc Zone today : challenges and necessary measures . In January 1994, the CFA Franc was devalued of 50 % against the other foreign currencies. This article deals with the economic changes of the Franc Zone during the last ten years, exposes the challenges the Franc Zone faces and...

This paper develops a model of unemployment rate dynamics that provides an explanation of persistent cyclical unemployment that does not involve persistent expectational errors or other nonoptimizing behavior. Our results are based on the interaction of search dynamics and inventory adjustments....

This paper develops a framework for analyzing unemployment in terms of variations in the nt.imber and distribution of people becoming unemployed and in individual probabilities of leaving unemployment. Contrary to the emphasis on exit probabilities in the recent macroeconomics literature, we...