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Mismeasurement of inflation is likely to be more severe in a transition economy than in a more stable environment. Comparisons of self-reported changes in economic welfare with changes in incomes suggest that official Romanian inflation measures may be overstated by between 100 and 300 percent...
Persistent link: https://www.econbiz.de/10014102888
and country-specific shocks. The importance of a common regional shock would provide a case for a regional common currency …
Persistent link: https://www.econbiz.de/10013101286
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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...
Persistent link: https://www.econbiz.de/10003324162
This paper examines the sources of fluctuations in inflation and output in two leading transitioneconomy candidates for admission to the European Union (EU), Poland and Hungary. Using a rational expectations, dynamic open economy aggregate supply- aggregate demand model, we consider real oil...
Persistent link: https://www.econbiz.de/10010518135
This paper examines the sources of fluctuations in inflation and output in two leading transition- economy candidates for admission to the European Union (EU), Poland and Hungary. Using a rational expectations, dynamic open economy aggregate supply- aggregate demand model, we consider real oil...
Persistent link: https://www.econbiz.de/10014124144
Despite their progress Bulgaria and Romania significantly differ from the EU economies. In this article, on the basis …, the two countries now differ fundamentally in their choice of a monetary regime – while Romania uses inflation targeting … and a flexible exchange rate, Bulgaria has adopted a currency board regime. For this purpose we analyze: (i) the degree of …
Persistent link: https://www.econbiz.de/10005677531