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European Monetary Union (EMU) to the 10 countries that obtained EU membership in 2004. One-way and two-way error component …
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We derive a model in which a standard international capital asset pricing (ICAPM) model is nested within an ICAPM model with market imperfections. In the latter model an idiosyncratic stochastic factor affects the return of risky assets (over a risk-free rate) on top of the systematic component...
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comparison regarding the extent of E.U economic integration. Yet, with low trade barriers and with productive factors at least … notionally mobile across E.U. countries, is the belief that U.S. states are more integrated than E.U. member states correct? To … of 14 E.U. member states and the 51 U.S. states (includes District of Columbia) for the period 1965 to 2000. The …
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This paper provides new evidence on the effects of government spending shocks and the fiscal transmission mechanism in the euro area for the period 1980-2008. Our contribution is two-fold. First, we investigate changes in the macroeconomic impact of government spending shocks using time-varying...
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