The assessment attempts to provide a broad explanation of the post-war pattern of real interest rates, drawing on the theoretical and empirical papers in this issue of the Oxford Review. It is argued that the concept of the "neutral" rate of interest, at which the economy grows at its productive...

This paper reviews the functioning of the Economic and Monetary Union over the first 4 years of its existence. Monetary policy is viewed as having been of the 'inflation-targeting' type, but with a tendency towards delay and conservatism in adjustment, which may also reflect over-optimistic...

This Assessment provides an overview of the stylized facts and the underlying economic issues involved in transition, with a focus on the more successful reforming countries. Microeconomic, macroeconomic, and institutional factors interact. Particular emphasis is given to the initial output...