type="main" xml:lang="en" <p>This paper builds on earlier work that used a general-equilibrium model to show that reducing employment of unauthorized immigrants in the United States through a tighter border-security policy lowers the average income of legal residents. Here we exploit further the...</p>

The welfare consequences of eliminating the shortage economy for the representative Russian household are quantitatively assessed. Before price liberalization, households either bought goods and services at state prices and paid searching and queuing costs, or they bought on parallel markets at...

This paper treats inflation in Ukraine between 1993 and 1996 as an essentially monetary phenomenon: price increases are dtermined in such a way as to bring the real value of the supply of money into balance with real money demand. Cointegrtaion techniques are used to estimate long-run money...

The authors use principal component analysis to reassess the link between different attributes of central bank independence and inflation performance. They suggest that coding problems may account for the fact that almost none of the attributes included in the Cukierman index has a systematic,...

None. Forthcoming in Academic Questions

This paper modifies an ad hoc index originated by Eichengreen et al (1995,1996), which is often used to document financial crises in emerging markets. By assuming nonlinear dynamics in a system of financial data, we successfully develop an alternative approach that not only captures the essence...

As the monetary and financial systems in transition economies have evolved so have monetary policies. Many central banks have followed a course from exchange rate targeting, to targeting monetary aggregates to targeting inflation. We examine the development of monetary policy in Armenia, a...

This paper modifies an ad hoc index originated by Eichengreen et al (1995,1996), which is often used to document financial crises in emerging markets. By assuming nonlinear dynamics in a system of financial data, we successfully develop an alternative approach that not only captures the essence...