income ratios by education and country. The policy functions based upon the estimation are used to characterize the … stock returns. Monetary policy has a larger impact on consumption in Italy and Spain compared to France and Germany …

institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro … to achieve a number of design objectives, and this may continue, as long as Germany does not shirk its growing … responsibility for the euro's future. Germany's resilience and dominant size within the EU may explain its "muddling …

effect on innovation. We develop a simple "trapped factor" model of innovation that is consistent with these empirical …