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How can the governments in Eastern Europe and developing countries reduce their vulnerability to such shocks? What are the appropriate policy responses? Here is

This paper provides new evidence of the macroeconomic effects of public investment in advanced economies. Using public investment forecast errors to identify th

Long-term needs and sustained effort are underlying themes in this year's report. As with most of its predecessors, it is divided into two parts. The first look

Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economi

External shocks, such as commodity price fluctuations, natural disasters, and the role of the international economy, are often blamed for the poor economic perf