This paper describes the operation of the Estonian currency board arrangement that has pegged the Estonian kroon to the deutsche mark since June 20, 1992, when Estonia left the ruble zone and introduced its own currency. The paper describes the institutional arrangements that were chosen for...

Interest rate policy in the newly reforming Central and Eastern European countries has generally been geared toward establishing positive real interest rates and defending the exchange rate. The principal instrument for this task has been administrative increases in controlled interest rates....

The accelerator model of investment in its empirical formulation dominates nearly all other models of investment behavior throughout the world. This paper examines this model in the context of French data and contends that the empirical superiority of the model is spurious, being largely related...