The aim of this paper is to provide an overview of the key issues surrounding entrepreneurshipdevelopment in transition countries focusing on six main themes. Though it can be argued that thetransition countries started from more or less the same point when they embarked on theirtransitional...

This paper offers analysis of corporate governance issues behind the stock market performance(stock returns and activity) in nine Central and Eastern European (CEE) countries: the CzechRepublic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia. Overthe period June 1994...

A fundamental part of the transition process is for firms to integrate with the world economy. After having been denied access for many years to world markets under totalitarian rule and the auspices of the CMEA, this will require significant advances in labour productivity, product technology,...

Case study of Polish company Elektrim illustrates the changing basis of growth of enterprises between the transition and post-transition periods. Elektrim grew primarily through conglomeration in the transition period. After the exhaustion of this mode of growth Elektrim has started to focus on...

The self-employed are a heterogeneous group. Some are self-employed because they are good at it, while others are self-employed because they cannot find a better paying salaried job. Data from the CPS for prime age males show that workers are almost twice as likely to enter self-employment from...

Recent empirical evidence suggests that a positive technology shock leads to a decline in labor inputs. However, the standard real business cycle model fails to account for this empirical regularity. Can the presence of labor market frictions address this problem without otherwise altering the...

Several countries around the world have adopted the inflation targeting regime for monetary policy. Despite the growing literature on the issue, it is not clear whether developing and emerging countries can improve their economic performance by adopting inflation targeting. This working paper...

Economists have long emphasized the importance of expectations in determining macroeconomic outcomes Yet there has been almost no recent effort to model actual empirical expectations data; instead macroeconomists usually simply assume expectations are rational This paper shows that while...

Since the foundational work of Keynes (1936) macroeconomists have emphasized the importance of agents' expectations in determining macroeconomic outcomes Yet in recent decades macroeconomists have devoted almost no effort to modeling actual empirical expectations data instead assuming all...

We develop a dynamic general equilibrium model where workers can engage in search while on the job. We show that on-the-job search is a key component in explaining labor market dynamics in models of equilibrium unemployment. The model predicts fluctuations of unemployment, vacancies, and labor...