En el presente documento se examinan cuestiones relativas a la secuencia de las reformas que se necesitan para transformar las economiacute;as de Europa oriental en economiacute;as de mercado. Se afirma, en primer lugar, que el proceso de transicioacute;n de estas economiacute;as seraacute; maacute;s...

This paper extends the policy-mix and assignment literature to the flexible exchange rate regime. A model is developed to examine policy-mix questions under floating rates and to gain insights into contemporary policy controversies. After discussing the motivations for current account targets,...

This paper investigates linkages between stock markets in seven industrialized countries since 1974. Empirical evidence shows that both nominal and real stock prices (and returns) are strongly positively correlated across countries, and that nominal exchange rate changes do not have systematic...

This paper discusses issues related to the sequencing of the reforms that are necessary to transform the economies in Eastern Europe into market economies. It is first argued that the transition path of these economies will be smoother and less costly if a clear statement of the ultimate goals...

En el presente documento se examinan cuestiones relativas a la secuencia de las reformas que se necesitan para transformar las economiacute;as de Europa oriental en economiacute;as de mercado. Se afirma, en primer lugar, que el proceso de transicioacute;n de estas economiacute;as seraacute; maacute;s...

Inflation in a country with a currency board is usually believed to be highly dependent on external factors. Important questions for understanding the dynamics of inflation are (i) how best to measure these factors and (ii) how to model the transmission mechanism. This paper brings evidence to...

On 18-19 June 2004, the BIS held a conference on "Understanding Low Inflation and Deflation". This event brought together central bankers, academics and market practitioners to exchange views on this issue (see the conference programme in this document). This paper was presented at the workshop....