The first essay studies the effects of exogenous and endogenous shocks on output sustainability in Central Eastern Europe and Russia during the 2000s. It expands traditional vector autoregressive model to a multi-country model that relates bank real lending, the cyclical component of output and...

In the literature, many statistical models have been used to investigate the existence of a deterministic time trend, changing persistence and nonlinearity in macroeconomic and financial data. Good understanding of these properties in a univariate time series model is crucial when making...

This paper compares how effective different voting algorithms are for the decisions taken by monetary policy councils. A voting activity index is proposed and computed as the ratio of the number of all possible decisions to the total number of different combinations of decisions available to a...

The paper focuses on the decomposition of inflation persistence into the linear and nonlinear components. The hypothesis is that the nonlinear component of inflation persistence results from a technological shock and might positively contribute to economic growth. The microfoundations are...