This paper derives a stochastic endogenous growth model that investigates the impact of European Union integration on convergence and productivity growth. We deviate from the general strand of literature by not only deriving a theoretical model for the effects of integration on the rate of...

This dissertation is a collection of essays with the main objective of estimate and understand macroeconomic behavior of emerging countries by the lenses of modern tools in general equilibrium modeling. In the first chapter, I study whether structural parameters of Small Open Economy Real...

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...

In der vorliegenden Arbeit beschäftige ich mich mit der theoretischen Analyse von Geld- und Fiskalpolitik in Currency-Board-Systemen und der Währungsunion. Beide Währungssysteme haben seit den neunziger Jahren zunehmend an Bedeutung gewonnen, Currency Boards durch die Rückgewinnung der...

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,...

Over the past few decades, many countries have experienced a marked decline in the volatility of output. However, there is still a significant difference between developed and developing countries in the level of output volatility. A proposed explanation for this phenomenon is the impact of...

This paper argues that when EU member states joined EMU, this resulted in domestic institutional changes in the areas of fiscal policy-making and wage-setting. The paper argues that these changes were triggered by two facts: (i) in EMU, the monetary policy can no longer be used as an instrument...

This paper argues that when EU member states joined EMU, this resulted in domestic institutional changes in the areas of fiscal policy-making and wage-setting. The paper argues that these changes were triggered by two facts: (i) in EMU, the monetary policy can no longer be used as an instrument...

This paper uses a structural vector-autoregression approach to discuss the cyclicality of fiscal and monetary policy in South Africa since 1994. There is substantial South African literature on this topic, but much disagreement remains. Though not undisputed, there is growing consensus that...

This paper presents a critique of the traditional textbook representation of fiscal policy, and highlights the misleading policy implications perpetuated by this analysis. In particular, the conclusion that fiscal deficits are likely to be associated with higher interest rates is disputed, as is...