Prior to the recession of 2008/09 household saving was extremely low in the United States. In the context of the recession the saving rate has increased by about 2 percentage points to close to 4%. Such a rise is in line with the record from previous recessions. The study argues that, this time,...

This paper investigates a dynamic general equilibrium model with search. In particular, search externalities are reßected by an increasing returns to scale matching function, which may imply an indeterminate equilibrium. Hence, the model is capable to generate business ßuctuations, driven by...

The objective of this evaluation is to assess the extent to which budget support has contributed to achieving its expected results by helping the Government of Ghana (GoG) to strengthen the implementation of its national and sectoral strategies. The study covers all operations with disbursements...

For the new member states of the EU, the question of choosing the optimal macroeconomic policy mix is rather complicated as these countries are all in the dynamic movement towards joining the European Economic and Monetary Union (EMU). This implies a considerable change in macroeconomic policy...

Turkey is at a crossroads. After hitting the most severe crisis of its recent history in 2000-2001, the economy bounced back and is now among the fastest growing economies in the OECD. A new institutional framework for monetary and fiscal policies as well as for product, labour and financial...

Turkey is at a crossroads. After hitting the most severe crisis of its recent history in 2000-2001, the economy bounced back and is now among the fastest growing economies in the OECD. A new institutional framework for monetary and fiscal policies as well as for product, labour and financial...

The aim of this paper is to study the fundamental macroeconomic determinants of both the CPI and the PPI-based real effective exchange rate in 5 selected acceding countries from central and eastern Europe, i.e. the Czech Republic, Hungary, Poland, Slovakia and Slovenia. The paper is based on the...

The new member states should not expect EU money to lead to miracles. The most important ingredients of catch-up growth are a stable macroeconomic framework; supply-side policies that help markets to adjust quickly; and a well-trained, flexible workforce. EU aid will only make a positive...