This paper develops a Dynamic Stochastic General Equilibrium (DSGE) model to study how the instability of the banking sector can amplify and propagate business cycles. The model builds on Bernanke, Gertler and Gilchrist (BGG) (1999), who consider credit demand friction due to agency cost, but it...

During the period 1991-93, Finland experienced the deepest economic downturn in an industrialized country since the 1930s. We argue that the culprit behind this Great Depression was the collapse of Finnish trade with the Soviet Union, because it induced a costly restructuring of the...

Die schwere wirtschaftliche und politische Krise Rußlands läßt Zweifel an der Reformfähigkeit dieses Landes aufkommen. Welche Fehler wurden beim Übergang von der Planwirtschaft in die Marktwirtschaft gemacht? In welchem Umfang ist die Krise politisch bedingt? Wie sind die Reformchancen?

This paper uses data from the Russian Longitudinal Monitoring Survey (RLMS) to examine the relationship between nutritional status and both longer-run household resources and short-run fluctuations in household resources. We evaluate six measures of nutrition – gross energy intake, two...