This paper analyses the link between the forthcoming EU enlargement and selected aspects of EU institutional reforms, namely decision-making rules in the European Central Bank and the status of the Eurogroup. It states that some earlier arguments calling for urgent ECB reform are based on...

This paper seeks the main factors behind inflation in Russia over the period 1996–2001. It presents a succinct description of Russian monetary policy and inflation developments. The econometric analysis establishes a long-run relationship between demand for the real money balances on the one...

In low-rate environments, policy strategies that involve holding rates "lower for longer" (L4L) may mitigate the effects of the effective lower bound (ELB). However, these strategies work in part by managing the public's expectations, which is not always realistic. Using the Fed's large-scale...

Nominal interest rates may remain substantially below the averages of the last half-century, as central bank's inflation objectives lie below the average level of inflation and estimates of the real interest rate likely to prevail over the long run fall notably short of the average real interest...