Central and Eastern Europe

Economic Fluctuations in Central and Eastern Europe: The Facts

JEL codes: 
E32
Version Date: 
Dec 2004
Author/s: 
Abstract: 

We carry out a detailed analysis of quarterly frequency dynamics in macroeconomic aggregates in twelve countries of Central and Eastern Europe. The facts we document include the variability and persistence in and the co-movement among output, and other major real and nominal variables. We find that consumption is highly volatile and government spending is procyclical.

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Exchange Rate Volatility and Labour Markets in the CEE Countries

JEL codes: 
E42, F36, F42
Version Date: 
Nov 2004
Author/s: 
Abstract: 

According to the traditional 'optimum currency area' approach, the case for adopting a common currency is stronger if the countries are subject to relatively similar output shocks. This Paper takes a different approach and highlights the fact that high exchange rate volatility may as well signal high costs for labour markets.

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