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is robust for alternative specifications. By imposing restrictions on excise levels, EU harmonization of excises in 1987 … and the introduction of a minimum in 1992 exerted a positive impact on the excise level in a number of EU countries. It …
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This paper revisits Political Budget Cycles (PBCs) in the enlarged European Union (EU). Based on a panel of 25 current … EU member states from 1996 to 2012, we show that governments frequently fiscally stimulate the economy prior to elections …; a phenomenon that is seemingly not only an ‘Eastern problem’ of the EU’s new members, as has been suggested in the …
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We develop an econometric methodology for the study of the yield curve and its interactions with measures of non-standard monetary policy during possibly turbulent times. The yield curve is modeled by the dynamic Nelson-Siegel model while the monetary policy measurements are modeled as...
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Processes of regional economic integration have been shaping the economic relations between countries significantly during the last decades. In addition, an increasing integration of the national economies into the global economy has affected these economic relations, too. In an effort to...
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and explore why absolute and relative measures frequently evolve in opposite directions. The paper shows for the EU-15 and …
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