This paper studies the effect of implementing fiscal rules on sovereign default risk and on the probability of large capital ow reversals for a large sample of countries including both developed and emerging market economies. Results indicate that fiscal rules are beneficial for macroeconomic...

This paper studies the effect of implementing fiscal rules on sovereign default risk and on the probability of large capital ow reversals for a large sample of countries including both developed and emerging market economies. Results indicate that fiscal rules are beneficial for macroeconomic...

In this paper we estimate the hybrid New Keynesian Phillips curve for nine transition economies and examine its ability to explain inflation dynamics. Special emphasis has been made on obtaining a measure of expected inflation directly from consumer surveys via the probability method, as opposed...