The rapid development of developing countries, particularly in Asia, and the establishment of trade agreements, make these markets more attractive to western firms, all the more as growth is stagnating in their own countries. But several strategies are possible: • Simply profit from the...

The role played by the banking sector in financing the economy in Morocco, following the reforms in the 1990s to liberalize the banking and financial sector, justifies our study of the transmission channels of monetary policy by its central bank (Bank Al-Maghrib). Our subject concerns the...

We generalize the concept of the natural rate of interest (Laubach i Williams, 2003; Woodford, 2003) by defining and estimating the the natural yield curve (NYC) - the term structure of natural interest rates. Our motivation stems i.a. from the observation that at times when central banks attempt to...

After around one year from the natural disaster that affected Japan on March 2011, large uncertainty still exists in the quantification of the global economic impacts. The largest parts of studies mainly accounts for the physical damage excluding the cascading effects generated on world...

The global financial crisis is leading to a revival of the empirical literature on current account imbalances. This paper contributes to the literature by investigating the importance of model and parameter uncertainty to assess external imbalances. Panel data, current account models, model...

We present a new macro tool for monitoring and forecasting labour market developments across the six largest euro area countries. The model is primarly empirical but relies on theoretical underpinning in the derivation of the trends. This paper presents a new macro tool for monitoring and...

We examine whether and how main central banks responded to episodes of financial stress over the last three decades.Time-varying parameter model with endogenous regressorsQuantify the time-varying effect of financial stress (and its components) on interest rate setting.

Regional economic development records are not the same in the geographic regions of Romania, the issue representing a cause for discrepancies in living standards, quality of life, on one hand, and propensity for the economic sector, on the other hand. Without a proper involvement of the state...

The objective of the current paper is to estimate the aggregate, country-level production function as a relationship between countries' aggregate inputs and their maximum attainable output, computed on the basis of the World Technology Frontier -- the best-practice frontier at each moment in...