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. Building on the common features of the extension of the Federal Republic of Germany in 1990 and the enlargement of the EU, we … argue that the German unification experience holds some lessons to the benefit of both, the EU-15 and the accession … countries. -- EU enlargement ; German Unification ; transfers ; fiscal policy …
Persistent link: https://www.econbiz.de/10002202979
differences, showing that the divergence in growth rates between the U.S. and the EU since 1997 can be explained almost entirely …
Persistent link: https://www.econbiz.de/10002746141
Nowadays, it is widely believed that greater disclosure and clarity over policy may lead to greater predictability of central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the information provided by a Taylor rule model in which...
Persistent link: https://www.econbiz.de/10003919419
While there is ample evidence how central bank communication and interest rate decisions are perceived by financial markets, insights regarding the response of the public is lacking. Media is known to be an important transmitter of news to the public. Based on articles in the Financial Times...
Persistent link: https://www.econbiz.de/10009719531
This paper analyzes the response of the European stock markets to the monetary policy shocks by the European Central Bank using the heteroskedasticity based approach of Rigobon (2003). We find that monetary policy tightening has a heterogeneous impact on the Euro Area sectors on the day the...
Persistent link: https://www.econbiz.de/10003908504
This paper assesses the probability method for quantifying EU consumer survey data on perceived and expected inflation …
Persistent link: https://www.econbiz.de/10003909619
We analyze how budgetary institutions affect government budget deficits in member states of the European Union during 1984-2003 employing new indicators provided by Hallerberg et al. (2009). Using panel fixed effects models, we examine whether the impact of budgetary institutions on budget...
Persistent link: https://www.econbiz.de/10009541240
By using a model of trade union behaviour Grüner (2010) argues that the introduction of the European Monetary Union (EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner's model, monetary centralization lets the central bank react less flexibly to...
Persistent link: https://www.econbiz.de/10009270311