Benczúr, Péter; Rátfai, Attila - C.E.P.R. Discussion Papers - 2005
flows are mostly leading and procyclical and exhibit low persistence. Nominal interest rates are in general smooth and … persistent. The nominal exchange rate is more persistent than the real one. Overall, we find that fluctuations in CEE countries … most frequent country outliers are Bulgaria, Romania and Russia, especially in labour market, price and exchange rate …