Inflation targeters (ITers) have been very successful in meeting their inflation targets (ITs). Industrial output sacrifice during inflation stabilization and industrial output volatility has frequently been lowered after IT adoption. ITers have consistently reduced inflation forecast errors...

This paper provides an overview of the current state of knowledge regarding the determinants of saving rates. In the context of this overview, the paper presents the main findings and contributions of the body of empirical research on saving determinants, complemented by the results of the...

This paper provides an empirical evaluation of the influence of external conditions and international integration on growth performance, using panel methods for a large cross-country data set. Controlling for domestic conditions, the paper examines the growth effects of trade and financial...

Saving rates display considerable variation across countries and over time. This paper investigates the factors behind these broad saving disparities using a large cross-country time-series data set constructed for the World Bank Saving project. The paper assesses empirically the policy and...

This paper evaluates the growth perfomance of the Chilean economy in comparison to a wide sample of countries. The paper uses a determinants of growth approach to compare the growth performance of Chile before and after 1975. The post 1975 period is associated with the implementation of economic...

There are two sources of inconsistency in existing cross-country empirical work on growth: correlated individual effects and endogenous explanatory variables. We estimate a variety of cross-country growth regressions using a generalized method of moments estimator that eliminates both problems....

Relative price shocks with zero mean can affect measured inflation in the presence of non-convex adjustment costs, if core inflation is different from zero or the distribution of the shock is asymetric. In such cases, central tendency measures of the shock's distribution are a better measure of...

The purpose of this paper is to analyze empirically the importance of inflationary persistence in a group of sixteen advanced and developing countries. We do this by studying, in great detail, the time series properties of inflation using both univariate as well as multivariate techniques. We...

This paper studies a congestion effect operating in most search processes in which applicants are allowed to fill multiple applications. Increases in the number of one agent applicant decrease the probability faced by other searchers of a successful match, generating the congestion effect, The...

The convergence hypothesis sustains that two economics sharing the same steady-state value of per-capita income, but with different initial conditions, will tend to close the existing gap between them. In this paper I apply this concept to the case of Puerto Rico. I show that Puerto Rico is not...