We present regional evidence on Okun's Law using original data for two emerging countries, namely the Czech Republic and Slovakia. We unveil the presence of important regional heterogeneities, as in many Czech and Slovak regions Okun's Law is not significant. Among the drivers of these regional...

Starting July the 1st 1997, Bulgaria adopted a Currency Board (CB) monetary system. This paper aims at investigating if the adoption of the CB monetary system, which involves the cost of losing monetary autonomy, has provided a relatively better (with respect to other CEEC) monetary integration...

This paper studies monetary and fiscal policies in an endogenous growth model with transaction costs. We show that the relation between long-run economic growth and both monetary and fiscal policies is subject to threshold effects, a result that gives account of a number of recent empirical...