This is our reply to Brendan Beare’s comment on our paper. While we find his criticism to be both valid and helpful, a modified version of our original model still confirms that a low elasticity of substitution between capital and labor doomed the Soviet strategy of extensive growth...

A group of prominent international economists consider what makes for successful convergence--what policies and economic conditions help poor countries catch up to the living standards of rich countries.

Intro -- Contents -- Preface -- Introduction: Central Bank Lessons from the Global Crisis -- I MONETARY POLICY IN VIEW OF THE CRISIS -- 1. Monetary Policy Frameworks after the Great Financial Crisis -- 2. The Role of Monetary Policy in Turkey during the Global Financial Crisis -- 3. An...