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This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its...
Persistent link: https://www.econbiz.de/10011398903
As a result of the Balassa effect relative prices change rapidly between and within the euro countries. Thus it is impossible to find a common monetary policy that will result in price stability in all countries. Based on empirical estimates of the Balassa model, the paper calculates a minimum...
Persistent link: https://www.econbiz.de/10009786718
need for social policies at the EU level. Social harmonisation would distort migration flows and slow down the speed of …
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The paper uses quarterly GDP data for some 30 years up to and including 2001, to examine the identity and development of the European business cycle. Cycles are identified by using a band-pass filter version of the Hodrick-Prescott filter and affiliations are examined using clustering techniques...
Persistent link: https://www.econbiz.de/10011509523
The paper deals with the effects of migration resulting from EU Eastern enlargement on the welfare states of Western … is a rational reaction of the state. The proposed new EU constitution which contains far-reaching rules for a European …
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The eastern expansion of the EU resembles German unification in its mometousness. Whereas the latter led to a 26 …% increase in the population of the Federal Republic, the former will increase the population of the EU by 28% if all ten entry … and western Eurpean countries, a massive westward migration can be expected after EU expansion. A temporary east …
Persistent link: https://www.econbiz.de/10009781584