The objective of this paper is to explore the size and normative implications of macroeconomic discrepancies between EMU countries. Available data and empirical work show that EMU countries display noticeable heterogeneity in terms of economic development, exposure to shocks and adjustment...

This note investigates whether industry specific characteristics are important determinants of the demand and supply of exports in the euro area, the United Kingdom and the United States. It has two parts: (i) an analysis of the dataset and a discussion of the differences across countries and...

This paper analyses the contribution of interest rates to explain recent house price developments in Spain trying to reconcile different pieces of evidence. On the one hand, empirical evidence supports the view that interest rates are a key variable to explain house price developments. As a...