Since the publication of Taylor's (2002) results supporting Purchasing Power Parity (PPP) theory using a century of data, several authors have tried to verify PPP using the same data set. While one study has rejected Taylor''s strong conclusion, others have supported it. In this paper we use yet...

Since the publication of Taylor's (2002) results supporting Purchasing Power Parity (PPP) theory using a century of data, several authors have tried to verify PPP using the same data set. While one study has rejected Taylor''s strong conclusion, others have supported it. In this paper we use yet...

On June 16 2009, in what authorities called ``a surprise development'' the Turkish Government removed a provision from its existing laws that had allowed Turkish residents to borrow in foreign currency from banks operating in Turkey. The development ended a long era of foreign currency lending...

Although the rate of inflation has declined in the more advanced transition economies such as the Czech Republic, Poland, and Hungary, it continues at moderate rates that are sufficiently high by regional standards to pose economic problems for these countries. In this paper, we examine the...

Good monetary policy requires estimates of all of its effects: monetary policy impacts traditional economic variables such as output, unemployment rates, and inflation. But does monetary policy influence crime rates? By extending the vector autoregression literature, we derive estimates of the...

On June 16 2009, in what authorities called ``a surprise development'' the Turkish Government removed a provision from its existing laws that had allowed Turkish residents to borrow in foreign currency from banks operating in Turkey. The development ended a long era of foreign currency lending...

This paper evaluates the functioning, suitability, and effectiveness of the Maastricht convergence criteria regarding fiscal policy and the Stability and Growth Pact for the Baltic States. We argue that the Maastricht fiscal targets from the Baltic perspective should be considered as long-term...

In this paper we have examined the cointegration with German aggregates of real and nominal aggregates and prices in transition-economy candidates for EU membership and with those of countries that have recently joined the EU and with market-economy candidates for EU membership. Based on rolling...

This paper examines the moderation of inflation in three transition economies, the Czech Republic, Hungary and Poland at the end of the 1990s. We argue that the institutions for the conduct of monetary policy in these countries were relatively weak and that monetary policy was unsupported by...