This paper examines the relationship between macroeconomic stabilization and market-oriented reform in planned economies. It emphasizes that market-oriented reform should enhance the likelihood that adjustment to exogenous disturbances will involve genuine adjustment in the sense of actually...

In View of the continuation of substantial movements in exchange rate relationships among major currencies, the recent increase in protectionist pressures, and the disappointing performance of world trade, renewed concern has been expressed about the possible adverse effects of exchange rate...

This paper reviews developments and issues in the exchange arrangements and currency convertibility of IMF members. Against the backdrop of continuing financial globalization and a series of emerging market crises since 1997, there have been important changes in the evolution of exchange rate...

This paper presents an overview of the different methodologies that can be used to measure the amount of available slack in an economy. A comparison of these alternatives reveals that the evolution of the Nairu is crucial for understanding recent cyclical developments in the French economy. A...

The current slowdown in the Norwegian economy has followed an exceptionally prolonged phase of expansion. The current slowdown in economic growth is expected to continue. Over the longer term, the public finances face challenges as oil revenues begin to run out and pension liabilities escalate....