An integrated stochastic macroeconomic model of transition economy at the early stage of reforms with optimising representative risk averse agents is constructed. The equilibrium growth rate of the economy, real asset returns, domestic money demand, and expected inflation rate are determined as...

This 14th issue of the International Productivity Monitor published by the Centre for the Study of Living Standards contains five articles. Topics covered are recent productivity developments in the United States; lessons for Canada from international productivity experience; India’s...

We decompose by origin the sources of the variation in real aggregate output and aggregate price level in the Czech Republic, Hungary and Poland. We find that a sizable fraction of the variation is attributable to external shocks, especially so for aggregate price level. We show that euroarea...

This paper presents empirical evidence on the diversification process concerning Polish exports (1994–2010), compared to European and global samples of countries. It analyzes both the commodity structure of Polish trade and the geographical diversification of Poland’s trading partners. The...

We reexamine the relationship between growth and exports of the Philippines for the period 1977–2009 using the methods of Sharma and Panagiotidis [2005] and Feder [1983]. With the shift in the current economic policy toward inclusive growth, we find it necessary to assess if indeed the...

Of all the current macroeconomic imbalances, the inflationary phenomenon is one of the most difficult to combat. In some countries, inflation was the main enemy of economic progress. The effects of this phenomenon are largely dependent on the intensity of expectations as well as on the ability...

This paper presents empirical evidence on the diversification process concerning Polish exports (1994-2010), compared to European and global samples of countries. It analyzes both the commodity structure of Polish trade and the geographical diversification of Poland’s trading partners. The...

This paper examines the impact of improvements in productivity on prices, output, the real wage rate and the balance of payments. Within the context of the model used in this paper, an improvement in productivity can take two alternative forms: (1) a cost saving for a given output and (2) an...

Understanding differences in business cycle phenomena between Emerging Market Economies (EMEs) and industrialized countries has been at the center of recent research on macroeconomic fluctuations. The purpose of this paper is to investigate the importance of certain credit market imperfections...

The relationship between real interest rates, saving, and growth is a central issue in development economics. Using macroeconomic data for a cross-section of countries, we estimate a model in which the intertemporal elasticity of substitution varies with the level of wealth. The estimated...