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The European Central Bank and the Euro : The First Year

Feldstein, Martin - 2000

The creation of the euro and the European Central Bank is a remarkable and unprecedented event in economic and political history: creating a supranational central bank and leaving eleven countries without national currencies of their own. The experience of the first year confirms that one size...

Persistent link: https://www.econbiz.de/10012471257

The Aftermath of the 1992 ERM Breakup : Was There a Macroeconomic Free Lunch?

Gordon, Robert J. - 1999

This paper examines the macroeconomic aftermath of the 1992 breakdown of the European Exchange Rate Mechanism (ERM). The economic performance of six leaver' nations is compared with five stayer' nations that maintained a roughly fixed parity with the Deutsche Mark. Recent writing about...

Persistent link: https://www.econbiz.de/10012471843

U.S. Budget Deficits and the European Economies : Resolving the Political Economy Puzzle

Feldstein, Martin - 1986

This paper, prepared for the annual meetings of the American Economic Association, discusses how the increases in the U.S. budget deficits since 1980 have affected the economies of Western Europe. The analysis emphasizes that U.S. deficits have not only affected these economies directly but have...

Persistent link: https://www.econbiz.de/10012477287

The Fiscal Framework of Monetary Policy

Feldstein, Martin - 1982

This paper illustrates the importance of the fiscal framework for monetary analysis by discussing three separate issues. I begin by examining how the fiscal framework changes the macroeconomic equilibrium associated with different steady state rates of money growth. This includes a summary of...

Persistent link: https://www.econbiz.de/10012478139

Capital Taxation

Feldstein, Martin - 1982

This paper is an introductory chapter to a book that brings together 22 of my papers written between 1965 and 1981. The chapter provides a summary of each paper and a more general discussion of the role of taxation in influencing the process of capita1 accumulation. The four sections of the book...

Persistent link: https://www.econbiz.de/10012478234

The Industry Anatomy of the Transatlantic Productivity Growth Slowdown

Gordon, Robert J. - 2019

By merging KLEMS data sets and aggregating over the ten largest Western European nations (EU-10), we are able to … compare and contrast productivity growth up through 2015 starting from 1950 in the U.S. and from 1972 in the EU-10. Data are …-industries. The analysis focuses on outcomes over four time intervals: 1950-72, 1972-95, 1995-2005, and 2005-15. We interpret the EU …

Persistent link: https://www.econbiz.de/10012479654

Transatlantic Technologies : The Role of ICT in the Evolution of U.S. and European Productivity Growth

Gordon, Robert J. - 2020

aggregate of ten Western European nations (the EU-10) from 1977 to 2015. We find that the standard growth accounting approach is …. Using industry-level data from EU KLEMS, we find that most of the 1995-2005 U.S. productivity growth revival was driven by … ICT-intensive industries producing market services and computer hardware. In contrast the EU-10 experienced a 1995 …

Persistent link: https://www.econbiz.de/10012481620

The Role of Labor Market Changes in the Slowdown of European Productivity Growth

Dew-Becker, Ian - 2008

, productivity growth in the EU-15 has slowed while that in the United States has accelerated. But Europe's productivity growth … between the EU and US going back to 1980. This paper is about the strong negative tradeoff between productivity and employment … employment growth across countries and time. Our primary explanatory variables to explain both the revival of EU employment …

Persistent link: https://www.econbiz.de/10012464806

The Euro and the Stability Pact

Feldstein, Martin - 2005

This paper begins by discussing the inherent conflict between the simultaneous existence of a single currency for the countries of the European Economic and Monetary Union (EMU) and the independent fiscal policies of those countries. The Stability and Growth Pact was an attempt to reconcile that...

Persistent link: https://www.econbiz.de/10012467436

Two Centuries of Economic Growth : Europe Chasing the American Frontier

Gordon, Robert J. - 2004

Starting from the same level of productivity and per-capita income as the United States in the mid-nineteenth century, Europe fell behind steadily to a level of barely half in 1950, and then began a rapid catch-up. While Europe's level of productivity has almost converged, its income per person...

Persistent link: https://www.econbiz.de/10012468028