This paper uses uniquely matched household, enterprise and community survey data from four major regions in rural Ethiopia to characterize the performance, constraints and opportunities of nonfarm enterprises. The nonfarm enterprise sector is sizeable, particularly important for women, and plays...

In Japan, the growth rate of the money stock (M2+CDs) has been relatively high since the latter half of the 1990s, exceeding that of nominal GDP, even when the growth rate of the economy remained generally low and prices continued moderate declines. As a result, the amount outstanding of the...

The Japanese economy has been following a recovery path after it hit the bottom in April 1999. Since the fall of 2000, however, the economy has entered an adjustment phase triggered by the abrupt demand contraction in the IT-related sector worldwide, which is a growing industry. One of the...

The year-on-year growth rate of banknotes in circulation surged during the period before the blanket deposit insurance was partially removed in April 2002, but became sluggish thereafter, and is recently at around 1 percent. Demand for banknotes is influenced mainly by transaction demand, the...

We analyze short-run dynamics of inflation in Ethiopia, using a parsimonious error-correction model fitted with monthly observations. Our findings show that increased money supply and the nominal exchange rate significantly affect inflation in the short-run. Agricultural output shocks, proxied...

This paper proposes a technique to decompose short-run fluctuations in the terms of trade. Using Ethiopia as an example, we decompose the commodity terms of trade into various components to measure the impact of price and volume shifts as well as export diversification. We use monthly data from...