This paper discusses recent developments in the theories about macro-economic fluctuations. We start with a review of some important empirical regularities. The New Classical economists interpret the macro-economic fluctuations as responses to unanticipated monetary and persistent real shocks...

This paper examines the evolution of the exchange rate of the ruble vis-agrave;-vis the U.S. dollar from exchange rate unification, in July 1992, to the end of 1993. The expected and actual paths of the exchange rate are related to the exchange and trade regime and to the stance of financial and...

This paper examines the evolution of the exchange rate of the ruble vis-à-vis the U.S. dollar from exchange rate unification, in July 1992, to the end of 1993. The expected and actual paths of the exchange rate are related to the exchange and trade regime and to the stance of financial and...