Low-income households spend a substantial share of their income on utility services such as electricity, heating and water. The difficulty these socially vulnerable consumers have in affording further tariff increases is often used as an argument against tariff reform. However, detailed...

This paper analyses the accuracy of GDP growth forecasts prepared by the EBRD for 25 transition countries between 1994 and 2004. It provides the first comprehensive statistical analysis of output growth forecasts for transition countries in central and eastern Europe and the Commonwealth of...

This paper analyses the statistical properties of annual inflation forecasts prepared by the EBRD for 25 transition countries between 1994 and 2005. The empirical results show that EBRD forecasts are mostly unbiased. Late within-year forecasts are also found to be efficient. Forecast accuracy is...