This topical book addresses the need for emerging economies in Central, Eastern and South-Eastern Europe to find a new, sustainable growth model that fosters continued convergence with the EU without leading to the build-up of new vulnerabilities.

Recent studies analyse the dynamic of administered prices. However, the concept of administered prices is not clearly defined in economic literature, and a common approach is missing. This paper gives a brief description of the reasons for administered prices. Moreover, it focuses on the...

This paper revisits the evidence on monetary policy transmission. It extends the existing literature in three dimensions. First, we attempt to internalise potential international channels of transmission by taking a global perspective. More specifically, we explore global aggregates covering a...

Introduzione. – 1. La struttura concettuale. – 2. L’effetto ‘special guest’. – 3. Una modifica alla produttività: l’illecito. – 4. Una rappresentazione diagrammatica. – 5. Una semplice stima empirica dell’effetto ‘special guest’. – 6. Implicazioni di policy e conclusioni.

We revisit the factors of convergence and growth in Central, Eastern and South Eastern Europe (CESEE). While the key elements that were driving pre-crisis convergence - rapid export growth, propelled by low wages, capital inflows and technology import, and catalysed by the EU accession - gave a...

We apply a dynamic dividend-discount model to analyse housing returns for eight euro area countries comprising over 90% of euro area GDP, both individually and as a panel. A vector autoregressive model (VAR) is estimated for four variables - excess return to housing, rents, the real interest...

We apply a dynamic dividend–discount model to analyse housing returns for eight euro area countries comprising over 90% of euro area GDP, both individually and as a panel. A vector autoregressive model (VAR) is estimated for four variables – excess return to housing, rents, the real interest...

This paper empirically assesses the prospects for house price spillovers in the euro area, where co-movement in house prices across countries may be particularly relevant given a general trend with monetary union toward increasing linkages in trade, financial markets, and general economic...