This paper aims to explain differences in inflation between six central European economies – Croatia, the Czech Republic, Hungary, Poland, Slovakia and Slovenia – and the euro area in terms of differences in productivity growth between tradable and non-tradable sectors. The coverage of...

This paper compares the response of inflation to changes in exchange rate competitiveness in various regions of the world. The paper first presents evidence that an empirical relationship between the rate of inflation and the level of the real exchange rate holds for a large set of countries. It...

This book is an up-to-date, authoritative and comprehensive analysis of the key issues and challenges facing regional currency area projects in the context of financial globalization. The authors focus on several central issues that emerged during the experiences of the 1990s and 2000s: exchange...

This paper studies the determinants of house prices in eight transition economies of central and eastern Europe (CEE) and 19 OECD countries. The main question addressed is whether the conventional fundamental determinants of house prices, such as GDP per capita, real interest rates, housing...

What is the link between the financial cycle – financial booms, followed by busts – and the real economy? What is the direction of this link and how salient is this connection? This unique book examines these fundamental questions and offers a paramount contribution to the debate...

This paper analyses evidence on macroeconomic adjustments to large changes in current account imbalances – both deficits and surpluses. It studies annual data on key macroeconomic variables for 26 advanced and emerging market economies (EMEs) between 1980 and 2012. We find that large...