This paper offers a simple theoretical model and some suggestive empirical evidence on the open economy New Keynesian Phillips Curve (NKPC) based on Blanchard's chain-of-production model (1983). It is here argued that, given a vertical input-output structure of production, the final stage comes...

Combining economic and political science perspectives, this timely and important book describes and analyses the circumstances and events leading to the demise and subsequent reform of the Stability and Growth Pact (SGP).

This paper estimates the impact of fiscal consolidation on unemployment and job market flows across EU countries using a recent database of consolidation episodes built on the basis of a “narrative” approach (Devries et al., 2011). Results show that the impact of fiscal consolidation on...