This paper examines how the the distributive impact of macroeconomic shocks is shaped by selected institutions. It uses a dynamic stochastic general equilibrium (DSGE) framework with heterogeneous agents and an endogenous collateral constraint. The model is based on the “credit view” of...

This paper addresses the often neglected question of how macroeconomic risk is shared across and within economies, and identifies reforms that could contribute towards achieving more desirable risksharing outcomes. For risk-sharing across countries, the paper discusses possibilities for...

This paper addresses the question of whether and how easy monetary policy may lead to excesses in financial and real asset markets and ultimately result in financial dislocation. It presents evidence suggesting that periods when short-term interest rates were persistently and significantly below...

This paper addresses the question of whether and how easy monetary policy may lead to excesses in financial and real asset markets and ultimately result in financial dislocation. It presents evidence suggesting that periods when short-term interest rates have been persistently and significantly...

This paper examines the development of Russian industry in comparison with that of Ukrainian industry during 1995-2004 in an effort to ascertain to what extent, if any, Russian manufacturing showed signs of succumbing to 'Dutch Disease'. Ukraine and Russia began the market transition with...

This paper examines the development of Russian industry in comparison with that of Ukrainian industry during 1995-2004 in an effort to ascertain to what extent, if any, Russian manufacturing showed signs of succumbing to 'Dutch disease'. Ukraine and Russia began the market transition with...

This article uses extreme-bound-type analysis to revisit the determinants behind widely differing economic growth in Russian regions. Using data of 77 regions for 1993-2004, it separately examines the growth drivers for the phase of economic decline up to 1998, and for the period of strong...

In recent years economists have come to see rich natural resource endowments as a "curse" or "precious bane" that inevitably undermines development and slows economic growth. Resource-based development undeniably involves important risks. Nonetheless, the resource curse - if it exists - is at...

This study approaches the question whether it “pays” to live in big(ger) cities in a three-fold manner: first, it estimates how city size affects worker productivity (agglomeration benefits) in Germany, based on individual-level wage data. Second, it considers whether productivity benefits...

This working paper offers a synthesis of the current knowledge on the determinants ofproductivity. It carefully reviews both “spatial” (e.g. agglomerations, infrastructure,geography) and “aspatial” (e.g. human capital, labour regulations, industry-levelinnovation and dynamism)...