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-to-specific testing strategy reveals a recursive structure where only the unemployment rate and long-term interest rates are directly …
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world. Compared to existing models of this type, GEAR incorporates a comprehensive fiscal block, involuntary unemployment …
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, consumption, investment and (un)employment, the reforms were a clear success albeit the impact on the German current account was …
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Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to consequences for the exchange rate. This might lower fiscal discipline. In order to shed light on the empirical relevance of this consideration, the impact of the exchange rate...
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