On the (Mis)Specification of Seasonality and Its Consequences: an Empirical Investigation with U.S. Data.

STATISTICS ; ECONOMIC MODELS

Constraints on enterprise liquidity and their impact on the monetary sector in formerly centrally planned economies

Available from British Library Document Supply Centre- DSC:3597.9512(CEPR-DP--841) / BLDSC - British Library Document Supply CentreSIGLEGBUnited Kingdo

Capital flows in a transitional economy and the sterilization dilemma: The hungarian experience, 1992-97

This paper evaluates Hungary's dilemma with sterilization in the context of the record of countries elsewhere that have experienced similar capital inflow episodes, e.g., Latin America and Asia. The study focuses on the short-run impact of sterilization on monetary policy. The empirical results indicate that sterilized interventions by the National Bank of Hungary (NBH) did not neutralize capital inflows until possibly the middle of 1995, following a change in government and, more significantly, a change in exchange rate regimes. Indeed, it appears that monetary policy was overly restrictive and that, for a time, the NBH overcompensated for the inflows of capital.

Designing a central bank: Social player, monetary agent, or banking agent?

This paper reviews recent advances on the role of the central bank in the money supply process and its effects on inflation. The literature is presented according to a three-stage process, with the central bank acting first as social player, then as monetary agent, and finally as a combined monetary and banking agent. Copyright Kluwer Academic Publishers 1995central banking, monetary policy, inflation, bank regulation,

Inflation and the Divergence of Relative Prices: Evidence from a Cointegration Analysis

Inflation, Relative price variability, Cointegration,