With its association with the EC in July 1977, EFTA will have achieved its immediate goal of bridging the economic division of Western Europe. Moreover, the influence of this small but efficient international organization - which due to its pragmatism and liberal principles fits quite well into...

President Nixon's intention to visit Peking is attracting tremendous interest all over the world. The present article discusses past developments of US/Chinese trade and its possibilities in the future.

We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...