This paper studies the steady-state costs of inflation in a general-equilibrium model with real per capita output growth and staggered nominal price and wage contracts. Our analysis shows that trend inflation has important effects on the economy when combined with nominal contracts and real...

Low-cost carriers (LCCs) have revolutionized the world of passenger air transport changing dramatically the aviation market, tourist behaviour and the way destinations are developing. Current paper deals with this phenomenal growth and explores the most important aspects, shaping their progress....

'It is a conventional belief that the Chinese industrial economy is dominated by large state-owned enterprises closely connected with political power. While this perception is correct for some industries, such as petroleum refinery, this fascinating book, edited by Mariko Watanabe, presents us...

We use a novel disaggregate sectoral euro area data set with a regional breakdown to investigate price changes and suggest a new method to extract factors from over-lapping data blocks. This allows us to separately estimate aggregate, sectoral, country-specific and regional components of price...