This paper compares the effectiveness, efficiency and robustness of standard and non-standard monetary policy tools, such as the banks’ refinancing interest rate, penalty interest rate on deposit facility holdings and minimum reserve requirements on attracted deposits. The assessment is...

We introduce progressive consumption taxation into a real-business-cycle setup augmented with a detailed government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2016). We investigate the quantitative importance...

The middle and long-term forecasts of the economy for transition countries is an important challenge in order to understand better the effects of anticipated changes. During the accession negotiation between Bulgaria and the EU the continuation of the Kozloduy Nuclear Power Plant was a major...