Author/Editor: Vladimir Klyuev.

Release Date:February, 2004

This paper introduces a tractable capital market friction mechanism that allows a break of the parity between domestic and external interest rates and generates a gradual evolution of capital stock more...

Author/Editor: Vladimir Klyuev.

Release Date:June, 2003

The paper focuses on distributional consequences of macroeconomic adjustment. The preferences of economic agents over the level of the real exchange rate derived from standard models are monotonic, more...