[eng] The paper uses a general equilibrium simulation model to gauge the impact of European fiscal harmonization upon the French economy. The approach taken in this study builds upon the overlapping generations simulation model developed by Auerbach and Kotlikoff (1987). The model we develop...

Why is moving from moderate to low inflation almost always slow or costly? This paper answers this question, based on the Polish experience. First, reflecting the transition to a market economy, Polish inflation has been marked by significant changes in relative prices. Second, as wage and price...

The transition to a market economy has been analyzed primarily from a stabilization prospective. To complement that approach, we focus on a pure relative price shock and subsequent price adjustments. A model of monopolistic competition with costly labor adjustment indicates that relative price...