This paper analyses the impact of government tax and subsidy policy on immigration of human capital and the effect of such immigration on growth and incomes. In the context of a two-country endogenous growth model with heterogeneous agents and human capital accumulation, we argue that human...

We explore the role of business services in knowledge accumulation and growth and the determinants of knowledge diffusion including the role of distance. A continuous-time model is estimated on several European countries, Japan, and the United States. Policy simulations illustrate the benefits...

Der Bericht des IMF über Tadschikistan gibt einen Überblick über die Wirtschaftsstruktur des Landes und beschreibt dann die jüngere Wirtschaftsentwicklung anhand der einzelnen volkswirtschaftlichen Aggregate. In einem weiteren Kapitel werden die Felder der Wirtschafts- und Reformpolitik...

Der Länderbericht des IMF über Usbekistan gibt einen Überblick über den wirtschaftlichen Hintergrund und die Wirtschaftsstruktur des Landes. In weiteren Kapiteln wird die jüngere wirtschaftliche Entwicklung und die Wirtschafts- und Reformpolitik für 1992 dargestellt. Die Felder für...

Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also outlines efficient operational procedures and reviews the experiences of Canada, the Czech Republic, and India. The analysis...

A central bank must decide on the frequency with which it will conduct open market operations and the variability in short-term money market that it will allow. It is shown how the optimal operating procedure balances the value of attaining an immediate target and broadcasting the central...

Market reaction to a change in official interest rates will depend on the extent to which the change is anticipated, and on how it is interpreted as a signal of future policy. In this paper, a technique is developed to separate the anticipated and unanticipated components of such changes and is...