We analyze the effects of euro area monetary policy on three Central and Eastern European non-euro area EU countries: the Czech Republic, Poland and Hungary. We employ an open economy version of the factor-augmented vector autoregression model (FAVAR) to estimate the cross-border effects of a...

We analyze trade linkages between EU Member States and Russia, taking into account indirect trade links in global value chains. Our analysis is based on data for 2011 from the World Input-Output Database combined with gross trade flows between Russia and individual EU economies. We derive our...

We propose an export price indicator adjusted for non-price factors as a more meaningful measure of a country’s competitiveness than traditional indicators. Our starting point is the approach developed by Broda and Weinstein (2006), who adjust price developments for changes in varieties of...

The evolution of total factor productivity (TFP) is a key determinant of long-run economic growth of a country. In this paper we analyze the contributions from technological change at the industry level to an economy’s aggregate growth performance. Our derivation of economywide TFP growth...

We study empirically the role that initial conditions played in the emergence of cross-country heterogeneity in real output loss during the recent global financial crisis. We use a global sample covering over 150 countries and focus on the differences in the determinants of the crisis in...

In this paper we examine macroeconomic, external and financial vulnerabilities of 22 Central, Eastern and Southeastern European (CESEE) economies. Our assessment is based on a nonparametric signaling or threshold approach, which involves monitoring selected indicators that show unusual behavior...

In this paper we examine the spillovers of a shock to real output in the euro area to Central, Eastern and Southeastern Europe (CESEE) and its subregions Central Europe, Southeastern Europe, Russia, and the other members of the Commonwealth of Independent States (CIS). To this effect, we apply a...

We study empirically the role that initial conditions played in the emergence of cross-country heterogeneity in real output loss during the recent global financial crisis. We use a global sample covering over 150 countries and focus on the differences in the determinants of the crisis in...

We evaluate the monetary determinants of inflation in the Czech Republic, Hungary, Poland and Slovakia by using the McCallum rule for money supply. The deviation of actual money growth from the rule is included in the estimation of Phillips curves for the four economies by Bayesian model...

Using the Amadeus firm-level database, this paper examines sector-specific indicators of competition in a number of Central, Eastern and Southeastern European (CESEE) countries. More specifically, it provides an overview of two key indicators of the level of competition, namely profit margins...