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Unemployment in the European Union: Institutions, prices, and growth

Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2004

This paper presents a reappraisal of unemployment movements in the European Union. Our analysis is based on the chain reaction theory of unemployment, which focuses on (a) the interaction among labor market adjustment processes, (b) the interplay between these adjustment processes and the...

Persistent link: https://www.econbiz.de/10010276423

Employment growth, inflation and output growth: Was Phillips right? Evidence from a dynamic panel

Caporale, Guglielmo Maria; Škare, Marinko - 2011

In this paper we analyse the short- and long-run relationship between employment growth, inflation and output growth in … causality tests. The empirical results strongly support the existence of a single cointegrating relationship between employment … growth, inflation and output growth with bidirectional causality between employment growth and inflation as well as output …

Persistent link: https://www.econbiz.de/10010277380

Effects of corporate tax reforms on SMEs' investment decisions under the particular consideration of inflation

Nam, Chang Woon; Radulescu, Doina Maria - 2005

Corporate tax reforms carried out in EU countries since 1980 entail lower statutory tax rates and reductions in generous tax depreciation provisions. Several countries including the UK have reduced tax rates for SMEs. This study compares incentive effects of such reforms on the SMEs? investment...

Persistent link: https://www.econbiz.de/10010261282

Fool the markets?: Creative accounting, fiscal transparency and sovereign risk premia

Bernoth, Kerstin; Wolff, Guntram B. - 2006

We investigate the effects of official fiscal data and creative accounting signals on interest rate spreads between bond yields in the European Union. Our model predicts that risk premia contained in government bond spreads should increase in both the official fiscal position and the expected...

Persistent link: https://www.econbiz.de/10010263922

The price puzzle revisited: can the cost channel explain a rise in inflation after a monetary policy shock?

Henzel, Steffen; Hülsewig, Oliver; Mayer, Eric; … - 2007

This paper explores whether the cost channel solves the price puzzle. We set-up a New Keynesian DSGE model and estimate it for the euro area by adopting a minimum distance approach. Our findings suggest that - under certain parameter restrictions which are not rejected by the data - the cost...

Persistent link: https://www.econbiz.de/10010264162

Real convergence, price level convergence and inflation differentials in Europe

Égert, Balázs - 2007

This paper provides a comprehensive review of the factors that can cause price levels to diverge and which are at the root of different inflation rates in Europe including the EU-27. Among others, we study the structural and cyclical factors influencing market and non-market-based service, house...

Persistent link: https://www.econbiz.de/10010264234

What do we really know about fiscal sustainability in the EU?: a panel data diagnostic

Afonso, António; Rault, Christophe - 2008

We assess the sustainability of public finances in the EU15 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel cointegration techniques developed by...

Persistent link: https://www.econbiz.de/10010264310

The stress of having a single monetary policy in Europe

Sturm, Jan-Egbert; Wollmershäuser, Timo - 2008

This paper estimates forward-looking Taylor rules for the euro area. Using the asymmetries in inflation and cyclical output developments across countries, we investigate the adequacy of the single monetary policy for each of the European Monetary Union (EMU) member countries. Notable differences...

Persistent link: https://www.econbiz.de/10010264325

3-Step analysis of public finances sustainability: the case of the European Union

Afonso, António; Rault, Christophe - 2008

We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the mean-reverting behaviour of general government expenditures and revenues ratios. Secondly, we apply the bootstrap panel...

Persistent link: https://www.econbiz.de/10010264433

The determinants of economic growth in European regions

Crespo-Cuaresma, Jesús; Doppelhofer, Gernot; … - 2009

We use Bayesian Model Averaging (BMA) to evaluate the robustness of determinants of economic growth in a new dataset of 255 European regions in the 1995-2005 period. We use three different specifications based on (1) the cross-section of regions, (2) the cross-section of regions with country...

Persistent link: https://www.econbiz.de/10010264534