In this paper the stability of an inflationary process is examined. A dynamic model of the inflation has been developed based on the quantity theory of money. Some theorists say that any rate of inflation other than zero is inherently instable. They say that as people become aware of the fact of...

Slovak Republic entered the ERM II in the end of 2005 whereby it came nearer to its strategic objective - joining the euro area. In this paper we try to answer two questions. Section 1 examines the features and risks of the EMU. Is EMU an optimum currency area and what is the OCA scorecard of...

Keskuspankit ovat perinteisesti laskeneet liikkeeseen seteleitä yleisön käytettäviksi. Digitalisaation myötä setelit alkavat olla teknisesti vanhentunut maksuväline, ja jotkut keskuspankit ovat harkinneet vähittäismaksamiseen soveltuvaa elektronista keskuspankkirahaa. Elektroninen...

In order to shed light on the consequences of the ongoing financial crisis, ETLA conducted two surveys at the end of October 2008. The firm survey targeted firms employing at least 10 persons in Finland (2,017 observations with a response rate of 33%) and the consumer survey targeted...