Die tschechische Wirtschaft und damit auch die Regierungslinie, die seit 1989 unter der Führung des damaligen Finanzministers der CSFR und jetzigen Ministerpräsidenten der tschechischen Republik Vaclav Klaus implementiert und in ihren Grundprinzipien beibehalten wurde, gilt bei internationalen...

Uruguay has consolidated economic gains, supported by strong macroeconomic policies and a broadly favorable external environment. Growth has exceeded expectations, unemployment has reached record lows, and poverty has continued to fall, while economic vulnerabilities have been significantly...

Sound policies and favorable external conditions have led to a strong economic recovery, but important challenges lie ahead. Uruguay’s near-term economic prospects are generally favorable. The main short-term challenge is rising inflation in the wake of vigorous growth and capital...

Since the beginning of the 1990s, both industrialised and developing countries have adopted inflation targeting as a monetary policy strategy. Their central banks have designed their legal mandates to instutionalise monetary policy to aim only at price stability. In this sense, price stability...

This paper provides comprehensive empirical evidence that supports the predictions of Sargent and Wallace's (1981) "unpleasant monetarist arithmetic" that an increase in public debt is typically inflationary in countries with large public debt. Drawing on an extensive panel dataset, we find that...

Stochastic simulations are employed to compare performance of monetary policy rules in linear and nonlinear variants of a small macro model with NAIRU uncertainity under different assumptions about the way inflation expectations are formed. Cases in which policy credibility is ignored or treated...

This paper examines the current level of central bank independence (CBI) and transparency in a broad sample of countries using newly constructed measures, and looks at the evolution in both measures from an earlier time period. Increases in CBI have tended to occur in more democratic countries...