The Transformation of Macroeconomic Policy and Research [08/01/2007]
Prescott, E.
The paper considers the transformation of macroeconomic policy and research. Before the transformation, macroeconomic models were systems of equations that determined current outcomes given the values of the current policy actions, values of predetermined variables, and values of any stochastic shocks. However, such an approach was not correct in terms of the dynamic economic theory. Models after the transformation are dynamic, fully articulated model economies in the general equilibrium sense of the word economy.
Quantitative Aggregate Theory [07/01/2007]
Kydland, F.
During the early postwar period, macroeconomic analysis was dominated by the view marshaled by Keynes. In this view, short-run fluctuations in output and employment are mainly due to variations in aggregate demand.But realworld developments in the late 1970s revealed serious shortcomings of the earlier analysis. It could not explain the new phenomenon of simultaneous inflation and unemployment. The main reason is that the effects of macroeconomic policy could not be properly analyzed without explicit microeconomic foundations. Only by carefully modeling the behavior of individual economic agents would it be possible to derive robust conclusions regarding private sector responses to economic policy.
Signaling in Retrospect and the Informational Structure of Markets [06/01/2007]
Spence, M.
The paper analyses the performance characteristics of a market with incomplete and asymmetrically located information. It considers signals that carry information persistently in equilibrium from sellers to buyers, or more generally from those with more to those with less information. The issue is that signals are not terribly complicated things in games where the parties have the same incentives, i.e. where there is a commonly understood desire to communicate accurate information to each other. In markets where the issue is often undetectable or imperfectly detectable quality differentials, the alignment of incentives is typically imperfect.
Privatization Experience in Some of the CEE and CIS Countries. Lessons for Belarus [05/01/2007]
Rakova, E.
Privatization is intended to achieve many different, and to some extent contradictory, goals. Indeed, the goals chosen determine the methods, consequences and pace of privatization. While CEE countries have chosen to pursue mostly economic goals through direct sales privatization and FDI attraction, CIS countries tried to achieve political and social goals, implementing MEBOs and mass privatization.
Labor Markets in CIS Countries [04/01/2007]
Pavlova, O., Rohozynsky, O.
The paper gathers information on the labor markets of CIS and Eastern European countries that was available by summer 2004, and draws policy recommendations based on comparison between these two groups of countries. The main conclusion is that the transformation of labor markets is not complete in any of the CIS countries; most of the problems that prevailed in the early 1990s remain.
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