The emergence of the New Consensus in monetary policy has been followed by a renewal of interest in central banks' operating procedures, and specifically in the role of open market operations. There is a general view that overnight interest rates are most effectively controlled by standing or...

The emergence of the New Consensus in monetary policy has been followed by a renewal of interest in central banks’ operating procedures, and specifically in the role of open market operations. There is a general view that overnight interest rates are most effectively controlled by standing or...

This paper focuses on economists' aspirations to apprehend the reality of the economy that they seek to study, while economic processes are largely beyond the boundaries of perception. It is recognized that engaging in dialogue with each other and with policymakers forces economists into...

Draghi’s démarche and the nightmare of the Bundesbank (by Jan Toporowski; pp. 1-2) Keywords monetary policy, monetary union, euro, bonds’ buyout Countries covered EU Topics Macroeconomic Analysis and Policy Trade does not drive global growth (by Leon Podkaminer; pp. 3-8) Keywords global...

Unstable Balkans (by Vladimir Gligorov; pp. 1-4) Keywords political tensions, unemployment, austerity Countries covered SEE Topics Macroeconomic Analysis and Policy Not a very Greek tragedy (by Jan Toporowski; pp. 5-7) Keywords public debt, financial market, monetary policy, currency union...

Patterns of new member states’ international trade in intermediate products (by Robert Stehrer; pp. 1-6) Keywords intermediate products, international trade Countries covered New EU Member States Topics International Trade, Competitiveness and FDI Productivity of imports in the transition...