What factors determine national differences in the size and industry distribution of employment? We stress the role of the economic policy environment as determined by business taxes, employment securitylaws, credit market regulations, the national pension system, wage-setting institutions and...

In this paper, based on the experience of ten European countries, we study the relevance of seigniorage revenues in the recent past, and we speculate about their importance in the near future. We find that the members of the European community differ widely in the way they manage monetary...