This paper analyses exchange rate series for Poland and Brazil. The Polish series, related to the period soon after the first liberalizing measures, presents a high volatility which is not accounted for by some selected 'fundamentals.' The Brazilian series, though also keeping evidence of...

Calibration is commonly used in order to specify a numerical computable general equilibrium model. As it involves the evaluation of model parameters on the basis of a single observation, there is a concern about the reliability of the results obtained from the model. A one-sector model for the...

This study examines trends in the distribution of gross earnings in Hungary since 1988, using official household budget surveys and enterprise-based earnings surveys. We find a significant growth in inequality since 1988, to levels comparable with western Europe. There is little evidence of a...

This model examines Kornai's observation that in the presence of bailouts, firms' demand for inputs will be greater than would otherwise be the case. This conjecture is examined in a model in which both revenue and cost uncertainty are present and in which firms making losses are partially...

In this paper we analyse the wage-price relationship of an economy in transition characterized by important structural changes. It is known (see Perron, 1989) that structural breaks in stationary time series can induce apparent unit roots. The stationarity analysis of the series employed in the...

Structural change is endemic in the Eastern European economies and the newly emerging Commonwealth of Independent States yet conventional econometric modelling techniques proceed under the assumption that there is a structurally stable 'true' economy to be discovered. This paper extends the...

This paper examines trends in allocative efficiency over the period 1960-1961 to 1986-1987 in seven Indian industries, namely. refining and manufacture of sugar; petroleum refining; manufacture of chemicals, fertilizers and pesticides locomotives and parts, locomotives, and cotton textiles. We...