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that these appreciations reflect underlying productivity gains in the tradable sector. Using panel data over the period … 1993-98, the results show clear evidence of productivity-driven exchange rate movements in the central and eastern European … expect to experience further productivity-driven real exchange rate appreciations. Evidence from a large cross-section of non …
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This paper highlights key issues pertinent for the understanding of international effects of domestic tax policies and of international tax harmonization. The analytical framework adopts the saving-investment balance approach to the analysis of international economic interdependence focusing on...
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private sector output Y. The government is fully informed about worker productivity. By examining the welfare properties of …
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In recent years, the appropriate level and structure of interest tates have come to be seen as major issues in connection with stabilization programs undertaken by members. These issues arise from consideration both on the demand side, as interest rates affect the magnitude of aggregate demand,...
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