Pundits around the world have criticized Germany for either trying to reshape Europe in its image or acting in its own self-interest. Germany has been accused of creating a new "empire," of pursuing a new Sonderweg, of "going global alone," of evasiveness, self-imposed isolation, and bullying....

Organisations centring their operations around human resources, in which skills are instrumental to the attainment of organisational goals, should create a climate to incentivise performance: the returns on any training depend on employee performance. To elicit such performance, organisations...

This paper examines the relation between ownership, corporate form, and innovation for a cross-section of private and publicly traded innovating firms in the US and 15 European countries. A striking novel observation emerges from our analysis: while most innovating firms in the US are publicly...

This paper documents a set of stylized facts about recent trends in cross-border M&A (CBMA) activity around the world. The facts focus on key features of CBMA such as (i) the magnitude; (ii) how it varies across industries and locations; (iii) how it compares to levels of greenfield FDI over time;...

This study contributes to the debate on VC-related policies that aim to support the growth of young high-tech firms in the EU. The study provides a systematic review of the results of 22 firm-level studies that estimate causal effects of VC using counterfactual impact evaluation methods and data...

Europe's monetary union is part of a broader process of integration that started in the aftermath of World War II. In this "political guide for economists" we look at the creation of the euro within the bigger picture of European integration. How and why were European institutions established?...

There are some striking similarities between the pre 1914 gold standard and EMU today. Both arrangements are based on fixed exchange rates, monetary and fiscal orthodoxy. Each regime gave easy access by financially underdeveloped peripheral countries to capital from the core countries. But the...

We test whether and how the adoption of the euro, narrowly defined as the end of competitive devaluations, has affected member states' productive structures, distinguishing between within and across sector reallocation. We find evidence that the euro has been accompanied by a reallocation of...