The study estimates educational production functions for seven eastern European transition countries, using student-level data for lower secondary education. The analysis several distinctive features. First, the countries can be divided into two groups, which share similar characteristics in...

This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We find that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...