Fiscal consolidation has become a central policy prescription for many highly indebted emerging market countries (EMCs). Although prudent fiscal policies tend to reduce vulnerabilities, their implementation is usually postponed. This paper is one of the first attempts in the literature to...

In this paper we employ a Panel Bayesian VAR model for a homogeneous group of Eastern European countries, namely Romania, Czech Republic, Hungary and Poland, in order to estimate the exchange rate pass-through coefficients to producer and consumer price indices (proxied by PPI and HICP...

The supremacy of Bayesian VAR models over the classical ones in terms of forecasting accuracy is well documented and generally accepted in the literature on the grounds of overcoming the short sample and overfitting problems. However, the record is rather limited in case of emerging economies,...