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Central bank independence is a common feature in advanced economies. Delegation of monetary policy to an independent central bank with a clear mandate for price stability has proven to be successful in keeping a check on inflation and providing a trusted currency. However, it is also a fact that...
Persistent link: https://www.econbiz.de/10011606272
This paper provides a description and a discussion of some important aspects relating to recent productivity developments in the euro area. Following decades of stronger gains in the euro area than in the US, labour productivity growth has fallen behind that in the US in recent years. This...
Persistent link: https://www.econbiz.de/10011606205
The distributive trades sector, which is primarily accounted for by wholesale and retail trade, is not only … half of private consumption accounted for by retail trade. The “value added” of this intermediation service can be …
Persistent link: https://www.econbiz.de/10011606280
Persistent link: https://www.econbiz.de/10010323496
that there has so far been a moderate increase in actual protectionist measures to restrict trade through tariff and non … since the mid-2000s, and has possibly intensified since the start of the financial crisis. However, no World Trade … Organization (WTO) member has retreated into widespread trade restrictions or protectionism to date. Our model-based simulations …
Persistent link: https://www.econbiz.de/10011606262
World trade contracted sharply in late 2008 and early 2009 following the deepening of the financial crisis in September … 2008. This paper discusses the main mechanisms behind the global downturn in trade and its impact on euro area exports and … recorded losses in productivity during this period. Going forward, the recovery in world trade will depend mainly on a …
Persistent link: https://www.econbiz.de/10011606271
-price competitiveness effects contributed largely to the trade surplus in some countries, for some southern European countries the trade … countries’ composition of trade could lead to heterogeneity in the potential gains from improvements in competitiveness. …
Persistent link: https://www.econbiz.de/10011606291
We compare economic efficiencies in Brazil, India, and China, where economic efficiency measures the gap between potential and actual output for a given input combination and technological factor. We use stochastic production frontier models to measure the contributions of factors of production...
Persistent link: https://www.econbiz.de/10010273401
protectionist import substitution policies but as these failed developing countries have opened up to trade and FDI and tried to … follow strategies of export driven industrialization. If we consider the share of non-OECD countries in global trade in … Africa. In this paper we present a two region product life cycle model of global specialization and trade. In it we analyse …
Persistent link: https://www.econbiz.de/10010273444
. Having discussed the nature and dynamics of the GAE, the paper turns to sketch a series of vectors (trade, aid and energy …
Persistent link: https://www.econbiz.de/10010273494