В главе рассматриваются вопросы перехода развитых стран к новому типу воспроизводства и связанные с этим вызовы для России, а также противоречия современной...

В книге на основе данных российских национальных счетов анализируется развитие экономики России в период между кризисами 1998 и 2009 годов. Анализ ведется в целом...

We study how real exchange rate dynamics are affected by monetary policy in dynamic, stochastic, general equilibrium, sticky-price models. Our analytical and quantitative results show that the source of interest rate persistence – policy inertia or persistent policy shocks – is key. When the...

We add learning-by-doing to firms technology in an imperfectly competitive Ramsey model and study optimal interest rate. Our main result is that the Ramsey allocation features an inverse relationship between optimal nominal interest rate and the degree of learning rate. We show that a...

The aim of this paper is to study the effect of nominal exchange rate movements (MAD to EUR) on remittances in the case of Morocco. It analyses monthly data from 2005 to 2014 using a Threshold Vector Auto Regression (TVAR) model to document the impact of exchange rate policy on remittances to...

The study examines the causal relationship between inflation uncertainty and output growth uncertainty for selected African countries. Asymmetric BEKK GARCH-M model is used to derive measures of uncertainty for inflation and output growth, and bootstrap causality testing approach is used to...

The study examines the causal relationship between inflation uncertainty and output growth uncertainty for selected African countries. Asymmetric BEKK GARCH-M model is used to derive measures of uncertainty for inflation and output growth, and bootstrap causality testing approach is used to...

The nexus between inflation and its uncertainty has been a topic of wide dispute. Using wavelet decomposition and with special reference to Egypt for the period 1960-2013, we find that the focal relationship varies substantially among the different frequencies involved. There is no evidence of...

The panic of 2007–2008 was a run on the sale and repurchase market (the repo market), which is a very large, short-term market that provides financing for a wide range of securitization activities and financial institutions. Repo transactions are collateralized, frequently with securitized...

This note describes a simple procedure for solving the risky steady state in medium-scale macroeconomic models. This is the “point where agents choose to stay at a given date if they expect future risk and if the realization of shocks is 0 at this date” [Coeurdacier, N., Rey, H., Winant, P.,...