The specification of the world closure, i.e. the way of closing the domestic economy model by incorporating the external sector, is a crucial component for those models in which production and consumption is not specified endogenously for all countries. This paper looks explicitly at the...

This paper challenges the assertion that European politics would be closer to the citizens' preferences if decision power were transferred from the Council of Ministers to the European Parliament. On the one hand, citizens benefit from a greater transparency in the Parliamentś debates compared...

This paper looks at some implications of data uncertainty for monetary policy. We combine national accounts data revisions with optimal control and filtering experiments on a calibrated model to discuss policy implications of price-versus-volume data uncertainty in GDP data for the United...