In recent years, many developing countries having a history of high inflation, unfavorable balance of payment situation and a high level of foreign currencies denominated debt, have switched or are in the process of switching to a more flexible exchange rate regime. Therefore, the stability of...

This paper traces the evolution of the Federal Reserve and its engagement with the global economy over the last three decades of the 20th century: 1970 to 2000. The paper examines the Federal Reserve’s role in international economic and financial policy and analysis covering four areas: the...

This paper investigates the question of whether a transition to a low-inflation environment, induced by a shift in monetary policy, results in a decline in exchange rate pass-through to consumer prices. Our study distinguishes itself from previous empirical work in that we pay particular...

Summary. This is an extended working paper version of the paper that appeared in Economic Theory. It paper compares the merits of alternative exchange rate regimes in small open economies where financial intermediaries perform a real allocative function, there are multiple reserve requirements,...

This paper traces the evolution of the Federal Reserve and its engagement with the global economy over the last three decades of the 20th century: 1970 to 2000. The paper examines the Federal Reserve’s role in international economic and financial policy and analysis covering four areas: the...

This paper examines the intentions and outturns of central bank policies in Europefrom the collapse of the Bretton Woods system of fixed exchange rates until the start ofEMU in 1999. It focuses on the lessons that can be drawn from the three dominant policy strategies of money targeting,...

Among the Central-Eastern Europe countries which joined the European Union in 2004 only three – the smallest (Slovenia, Slovakia and Estonia) – joined the Eurozone. Within these economies the process of currency integration was diversified in respect to their previously used systems of...

Among the Central-Eastern Europe countries which joined the European Union in 2004 only three – the smallest (Slovenia, Slovakia and Estonia) – joined the Eurozone. Within these economies the process of currency integration was diversified in respect to their previously used systems of...

This paper finds support for the trilemma for Greece, suggesting that there is a tradeoff among exchange rate stability, monetary independence and financial integration. The policy combination of monetary independence and financial integration has been prevalent. More exchange rate stability...

This paper examines the intentions and outturns of central bank policies in Europefrom the collapse of the Bretton Woods system of fixed exchange rates until the start ofEMU in 1999. It focuses on the lessons that can be drawn from the three dominant policy strategies of money targeting,...