We estimate two parsimonious structural models for inflation, the output gap, the domestic interest rate and the exchange rate for Hungary and Poland, for the period of "transition" (1991-1998). The empirical analysis shows that, at the aggregate level, the transmission of monetary policy...

Bulgarian Abstract: Разширяването на ЕС по посока на страните от централна и източна Европа включва също и перспективи за въвеждане на единната валута. Тъй като...

The purpose of this paper is to present the role of the exchange rate stability in a small and open economy, where the case of the Republic of Macedonia is investigated. Also, an accent is given to the role of the expectations of the economic agents for the future movements of the exchange rate,...

We review the experience of Hungary with the preannounced crawling band exchange rate system during 1995-97. When selecting the exchange rate regime, several key characteristics of the transition process must be taken into account: reform-induced inflationary pressure, the necessity to...

This paper has three objectives. First, it aims at revealing the logic of interest rate setting pursued by monetary authorities of 12 new EU members. Using estimation of an augmented Taylor rule, we find that this setting was not always consistent with the official monetary policy. Second, we...

In 1991, the rate of inflation in the Czech Republic, Hungary and Poland was between 35% and 70%. At the end of 2001, it is below 8%. We setup a small structural macro model of these economies to explain the process of disinflation. Contrary to a widespread skepticism, which permeated a large...

The evaluation of the output cost of monetary stabilization is one of the main macro questions to be addressed when comparing alternative strategies and paths to monetary convergence in the economies in transition. In general, the evaluation of the output costs of stabilization (and hence of the...

Russian crude oil gained 33.5% in value from the previous year, selling at an average of $70.9 per barrel in the period between January and November 2018. The increase stemmed from, among other things, a cooperative agreement to limit oil production, known as OPEC+. Global oil prices dropped...

On 15 January 2015, the Bank of Russia Board of Directors decided to reduce the key rate by 2 pp., to 15% per annum, due to the shift in the balance of risks of accelerated consumer price growth and an economic cool-down. In January 2015, the Consumer Price Index increased by 3.9% (vs. 0.6% in...