Applying the Bayesian approach, a small open economy DSGE model was estimated using a sample of quarterly data for a macro-region formed by six Central Europe and Baltic economies: Czech Republic, Estonia, Hungary, Lithuania, Poland, and Slovakia. Estimates have been employed to investigate the...

If the various data are combined, the only conclusion to be drawn is that the effects of the crisis and the social consequences of the economic downturn are largely related to the economic and social policies of a country's government. A review of the basic socioeconomic indicators for the...

While Latvia had one of the world’s fastest growth rates before the recession, it has lost about a quarter of its GDP since the recession hit. Although the economy is now growing at a good pace, the projections of the ministry for economic affairs suggest that, at best, it will not be able to...

The long and sustained expansion of the nineties has generated, especially in the US, widespread rumours about the "death of the cycle". Nevertheless, towards the end of the last decade, it became clear that fluctuations of economic activity were far from being extinct. This has contributed...

In this paper we propose a relatively simple procedure to predict Euro-zone industrial production using mostly data derived from the business surveys of the three major economies within the European Monetary Union (France, Germany, and Italy). The basic idea is that of estimating business...