The paper analyses the risk reduction effect of limits which are imposed on price movements. As a result of the maximisation of the traders' utility functions subject to expected price constraints, a model similar ro the capital asset pricing model (CAPM) is developed, where the observed returns...

The paper proposes a new indicator of expected real effects of a policy aimed at controlling inflation. The indicator, called real effect of inflation targeting (REIT), involves the comparison of expected and output-neutral inflation. It is shown that it can be derived from a simple...

One The foundations of disequilibrium and shortage models of centrally planned economies -- 1 Introduction to models of disequilibrium and shortage in centrally planned economies -- 2 The theory and measurement of macroeconomic disequilibrium in centrally planned economies -- 3 The economics of...

This paper compares how effective different voting algorithms are for the decisions taken by monetary policy councils. A voting activity index is proposed and computed as the ratio of the number of all possible decisions to the total number of different combinations of decisions available to a...

1: Methodological Studies -- Bounded Rationality, Very Young Financial Markets and the EU Enlargement -- A Continuous Time Approach to Cross Country Convergence -- 2: Current Status, Prospects, Country Specific Problems of Accession and CEE’s Convergence -- Current Status, Prospects and...