Economists are shifting attention and resources from work on survey data to work on “big data.” This analysis is an empirical exploration of the trade-offs this transition requires. Parallel models are estimated using the Federal Reserve Bank of New York Consumer Credit Panel/Equifax and the...

During the crisis period from 2008 to 2013 household disposable income deteriorated significantly in Central, Eastern and Southeastern Europe (CESEE), forcing households to adjust their consumption plans. Against this background, the present paper sheds some light on households’ consumption...

At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving...

This paper starts from a discussion of the economic case for moderated government intervention in debt restructuring in the nonfinancial corporate sector. It then draws on lessons from past crises to explain three broad approaches that have been applied to corporate debt restructurings in the...

The Latvian authorities have strengthened their intervention capacity, financial supervision, and monitoring framework, and have taken steps to contain risks in Parex Bank. The staff report reviews the Republic of Latvia’s economic developments and policies. Substantial progress has been...

This paper discusses key findings of the Second Review and Financing Assurances Review Under the Stand-By Arrangement for Latvia. The sharp economic downturn is starting to bottom out, although recovery has not yet begun. The authorities have implemented the June 2009 supplementary budget, and...

The labor market remains weak, disinflation has slowed, but falling wages are improving competitiveness. The weak economic environment is putting pressure on the banking sector. Financial conditions have deteriorated recently because of international financial market tensions. The Bank of Latvia...