Exchange Rate Policies, Prices and Supply-side Response

VLADIMIR BENACEK Associate Professor, Charles University, Prague, Czech Republic GEORGE CHOBANOV Dean of the Faculty of Economics and Business, St. Kliment Ohridski University, Sofia, Bulgaria URSULA CIESLUK Department of Econometrics, University of Lodz, Lodz, Poland ALES DELAKORDA Bank of Slovenia, Ljubljana, Slovenia ALEXIS DERVIZ Czech National Bank, Prague, Czech Republic JAN HOSEK CERGE, Charles University, Prague, Czech Republic BOSTJAN JAZBEC Institute for Economic Research, Ljubljana, Solvenia PAVLOS KARADELOGLOU European Central Bank, Frankfurt, Germany VLADIMIR LAVRAC Institute for Economic Research, Ljubljana, Solvenia WLADYSLAW MILO Department of Econometrics, University of Lodz, Lodz, Poland ALEDA MITCHELL Department of Economics, Loughborough University, Loughborough, England BAS VAN AARLE Centre for Economic Studies, University of Munich, Munich, Germany JAN VISEK Charles University Prague, Czech Republic PIOTR WDOWINSKI Department of Econometrics, University of Lodz, Lodz, Poland ANETA ZGLINSKA-PIETRZAK Department of Econometrics, University of Lodz, Lodz, Poland

Introduction: Issues, Structure and Policy Recommendations PART I: THE THEORETICAL FRAMEWORK Output Dynamics in Transition Economies Under Alternative Exchange Rate Regimes Currency Options and Trade Smoothing Under an Exchange Rate Regime Shift PART II: COMPARATIVE STUDIES Exchange Rate Policy and Output Growth in Transition Economies: The Experience of Bulgaria, the Czech Republic, Poland and Slovenia The Real Exchange Rate and the Output Response in Four Transition Economies: A Panel Data Study The Exchange Rate, Prices and The Supply Response Under Transition: A Simulation Study PART III: COUNTRY STUDIES Price and Output Dynamics Under a Currency Board: The Case of Bulgaria Exchange Rates and the Supply Response in the Czech Republic: Is PPP a Relevant Rule for Assessing the Equilibrium? Exchange Rate and the Price Response in the Czech Republic Economic Performance in Poland Under Fixed and Flexible Exchange Rate Regimes Supply and Price Effects of Monetary and Fiscal Policy in Poland Under Transition: An Econometric Analysis The Determination of the Real Exchange Rate and its Effects on Output and Prices in Slovenia