This dissertation computes the optimal monetary and fiscal policy for small open and emerging economies in an estimated medium-scale model. The model departs from the conventional approach as it encompasses all the major nominal and real rigidities normally found in the literature in a single...

A high inflation rate is the main obstacle prohibiting euro lead into the state, that‘s why the inflation theme is the urgent one. We analyzed the inflation not only from the economic perspective, but from the legal side too. The changes of property forms, legal tends, extent of inflation,...

We show that several shocks identifi ed without restrictions from a model, and frequently used in the empirical literature, display some persistence. We demonstrate that the two leading methods to recover impulse responses to shocks (moving average representations and local projections) treat...

Este documento describe los principales canales de transmisión de los efectos desbordamiento (spillovers) de las políticas fiscales nacionales a otros países de la zona del euro y analiza su magnitud utilizando diferentes modelos. En el contexto de la Unión Económica y Monetaria (UEM), los...

Event: Presentation of the Annual Report 2021. Organized by: Banco de España

This paper compares the P-bar model of price adjustment with the currently dominant Calvo specification. Theoretically, the P-bar model is more attractive as it depends on adjustment costs for physical quantities rather than nominal prices, while incorporating a one-period information lag....

ENGLISH ABSTRACT: This research studies the relationship between economic growth and commodity-market volatility in South Africa. The mining industry, largely supported by gold, diamonds, coal, iron ore and platinum-group metals, has played a central role in South Africa's economic development....

George Zis, David Cobham and Athanasios Papadopoulos. The cost of political intervention in monetary policy. International Finance, 2004, vol. 7, no. 3, pages 471-493. Published by and copyright Wiley-Blackwell Publishing. The definitive version of this article is available from...