Macroeconomic stabilization and structural reforms in Russia since 1992 have been proceeding in a rather chaotic fashion. The Russian variety of economic gradualism has seen a sharp decline in output, though less than indicated by official statistics, and relatively resilient household...

Quasi-fiscal deficits of public utility companies are common in all member countries of the Commonwealth of Independent States (CIS). They constitute a significant impediment to efficient resource allocation and endanger macroeconomic stability. This paper presents a simple framework for...

This paper examines economic growth and various dimensions of regional disparities in Slovakia. We find that regional disparities in the levels of GDP per capita, labor productivity, and labor utilization have widened since 2000, coinciding with the time that Slovakia initiated negotiations on...

Macroeconomic stabilization and structural reforms in Russia since 1992 have been proceeding in a rather chaotic fashion. The Russian variety of economic gradualism has seen a sharp decline in output, though less than indicated by official statistics, and relatively resilient household...

Given the increasing integration of financial markets, a better understanding of the effects of fiscal deficits and debt on real interest rates might be obtained by taking a global, rather than a national, perspective. The paper constructs aggregate flow and stock data (including GDP, fiscal...

This book, edited by Paul R. Masson, Thomas Krueger, and Bart G. Turtelboom, contains the proceedings of the seminar held in Washington, D.C. on March 17-18, 1997, cosponsored by the IMF and Fondation Camille Gutt. Conference participants discussed implications of European Economic and Monetary...

The empirical analysis indicates that in the Federal Republic the unemployed primarily influence the relationship between the level of real wages and productivity, rather than the growth of wages. This result suggests a distinction between an equilibrium natural rate of unemployment, which is...