This paper analyses evidence on macroeconomic adjustments to large changes in current account imbalances – both deficits and surpluses. It studies annual data on key macroeconomic variables for 26 advanced and emerging market economies (EMEs) between 1980 and 2012. We find that large...

This paper studies the determinants of house prices in eight transition economies of central and eastern Europe (CEE) and 19 OECD countries. The main question addressed is whether the conventional fundamental determinants of house prices, such as GDP per capita, real interest rates, housing...

This paper aims to explain differences in inflation between six central European economies – Croatia, the Czech Republic, Hungary, Poland, Slovakia and Slovenia – and the euro area in terms of differences in productivity growth between tradable and non-tradable sectors. The coverage of...