The inertia of the local-currency prices of traded goods in the face of exchange-rate changes is a well-documented phenomenon in international economics. This paper develops a structural model to identify the sources of this local-currency price stability and applies it to microdata from the...

This paper tests for long-run output convergence between a sample of eight Latin American countries and over the study period 1900-2003. The key contribution of this paper is in terms of the econometric methodology where non-stationarity of log real per capita income differentials is tested...

There is little work on the inner workings of journals. What factors seem to affect the ability to publish in a journal? Could simple rules (which are already used by some journals) like the immediate rejection of a significant minority of papers, help to streamline the process? At what cost?...

The recent international financial crisis has highlighted the role of real asset prices in the macroeconomic fluctuations of advanced economies. This paper analyzes the effects of some external and domestic shocks in the real prices of agricultural land in Argentina economy and compared the...

Over the past decade, geopolitical developments - and the policy responses to these by major economies around the world - have challenged economic openness and the process of globalisation, with implications for the economic environment in which central banks operate. The return of war to Europe...

Das Target-System, das zur Erleichterung von Geldüberweisungen zwischen Ländern der Eurozone etabliert wurde, stößt seit etwa zehn Jahren seitens einiger, insbesondere deutscher Ökonomen, auf vehemente Kritik, die durch Hans Werner Sinn ausgelöst wurde. Anlass für diese Kritik waren die...

Between 2006 and 2014, Bolivia experimented an economic boom period driven mainly by high international prices of commodities. Paradoxically, in the same period, social demands increased and concerns related to the high levels of corruption in public administration did not ease, thus suggesting...

The importance of trade to an economy needs no emphasis. You sell products or services that you are competitive at and buy those where you are not. Experience of countries such as South Korea and China demonstrate that resources required for development can be garnered through trade; thus,...

The phenomenon of global value chains (GVCs) indicates a division of labour type production structure in which tasks and business functions are distributed among several companies, globally, or regionally (Grossman and Rossi-Hansberg 2008). The critical features of GVCs are therefore the...