In most macroeconomic models, the substitutability between domestic and foreign goods is calibrated using aggregated data. This imposes homogeneous elasticities across goods, and the calibration is only valid under this assumption. If elasticities are heterogeneous, the aggregate...

This paper discusses the First Progress Report on the implementation of the Poverty Reduction Strategy (PRS) in Serbia. The Poverty Reduction Strategy Paper (PRSP) for Serbia and its implementation complement the efforts of Serbia in the European Union integration process. The PRSP also includes...

This paper examines the Progress Report for Albania’s National Strategy for Socio-Economic Development (NSSED). 2002 was the first year of implementing the NSSED. The implementation process has been oriented toward achieving the annual objectives and in accordance with the program of...

This paper reviews Tajikistan’s Poverty Reduction Strategy Paper (PRSP) Progress Report. There are positive signs in the initial implementation stages of the Poverty Reduction Strategy process. The revenue performance has improved, and expenditures are managed with tight fiscal...

This Progress Report reviews implementation of Albania’s National Strategy for Socio-Economic Development (NSSED) during 2003. The report is primarily orientated toward the vitalization and harmonization of mid-term and long-term development objectives; the principle of further...

This report is based on the progress of the Economic Development and Poverty Reduction Program (EDPRP) in Georgia. It highlights the status of measures intended for rapid and sustainable economic development in the country through further fine-tuning of administrative mechanisms, increase of...