This paper develops a two-country model with asset market segmentation to investigate the effects of quantitative easing implemented by the major central banks on a typical small open economy that follows independent monetary policy. The model is able to replicate the key empirical facts on...

The aim of the paper is total factor productivity (TFP) analysis in Poland and identification of its determinants. In the first part, TFP growth in Poland is calculated. Following the growth literature, TFP is frequently interpreted as the level of technology and effectiveness of its use. In the...

This paper presents empirical evidence of the effect of FDI inflows on productivity convergence in central and eastern Europe, using industry-level data. Four conclusions stand out. First, there is a strong convergence effect in productivity, both at the country and at the industry level....