In this paper we address some of the issues resulting from Poland's will to join the Economic and Monetary Union. Our attention focuses on topics related to the possibly soon entry into the European exchange rate mechanism (ERM II). We consider the possible paths of entering the system,...

Real exchange rate misalignment measures deviations of actual real exchange rate from its long-run, or equilibrium, level. Policy makers and many researchers are interested in predicting and monitoring misalignment in the foreign exchange market, because, in many cases, it is closely related to...

In this paper we discuss selected aspects of Poland’s road to the euro zone. Our attention focuses on the proper design of macroeconomic policy during the accession period. We address the issue of entering ERM II, with special attention to the choice of central parity, fluctuation bands,...

We apply BEER and PEER approaches to calculate real equilibrium exchange rates for five EU accession countries in central and east Europe. Bilateral nominal equilibrium exchange rates against the euro are obtained through algebraic transformation of the results. Panel cointegration techniques...

We use a dynamic heterogeneous panel model to estimate real equilibrium exchange rates for advanced transition countries. Our method is based on out-of-sample estimations from middle-income and high-income countries, and we use a pooled mean group estimator. We find that exchange rates have...

From 1995 to 2001 Russia witnessed an asset market boom, a deep financial crisis, and a surprisingly forceful recovery. This paper analyzes economic policy and data of the time to explain why fluctuations were so violent and to draw lessons for Emerging Markets investors as well as for...

This paper tests the relative version of purchasing power parity (PPP) for a set of ten Asian developing countries using panel cointegration framework. We employ 'between-dimension' dynamic OLS estimator as proposed by Pedroni (2001b). The test results overwhelmingly reject the PPP hypothesis.

This paper tests the relative version of purchasing power parity (PPP) for a set of ten Asian developing countries using panel cointegration framework. We employ 'between-dimension' dynamic OLS estimator as proposed by Pedroni (2001b). The test results overwhelmingly reject the PPP hypothesis.

We study the price adjustment practices and provide quantitative measurement of the managerial and customer costs of price adjustment using data from a large U.S. industrial manufacturer and its customers. We find that price adjustment costs are a much more complex construct than the existing...

(This abstract and the paper are in Turkish.) Ekonomik krizler; herhangi bir mal, hizmet, uretim faktoru veya doviz piyasasindaki fiyat ve/veya miktarlarda, kabul edilebilir bir degisme sinirinin otesinde gerceklesen siddetli dalgalanmalar olarak tanimlanabilir. Soz konusu krizlerin ortaya...