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Revisiting European Unemployment : Unemployment, Capital Accumulation, and Factor Prices

Blanchard, Olivier - 2000

This paper starts from two sets of facts about Continental Europe.The first is the steady increase in unemployment … of chronic excess employment by firms. The second explanation points to technological bias: firms in Continental Europe …

Persistent link: https://www.econbiz.de/10014158147

Hysteresis and the European Unemployment Problem

Blanchard, Olivier; Summers, Lawrence Henry - 2021

European unemployment has been steadily increasing for the last 15 years and isexpected to remain very high for many years to come. In this paper, we argue thatthis fact implies that shocks have much more persistent effects on unemployment thanstandard theories can possibly explain. We develop a...

Persistent link: https://www.econbiz.de/10013230402

A Long Term Perspective on the Euro

Bordo, Michael D. - 2008

This study grounds the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to reduce transactions costs of multiple currencies and...

Persistent link: https://www.econbiz.de/10012772728

Comparative Advantage and the Welfare Impact of European Integration

Levchenko, Andrei A. - 2012

, the mean welfare gain from trade integration with Eastern Europe is 0.16%, rang- ing from zero for Portugal to 0.4% for …. For Eastern Europe, comparative advantage is a key determinant of the variation in the welfare gains: countries whose … comparative advantage is most similar to Western Europe tend to gain less, while countries with technology most different from …

Persistent link: https://www.econbiz.de/10013106647

Large Countries, Small Countries, and the Enlargement of Trade Blocs

Casella, Alessandra - 2021

Are there systematic forces such that countries of different sizes participating in a free trade bloc gain differently from the entry of new members? If economies of scale imply that firms located in large countries enjoy lower costs, then the gains from enlarging the bloc will fall...

Persistent link: https://www.econbiz.de/10013214599

Migration State and Welfare State : Competition vs. Coordination in an Economic Union

Razin, Assaf - 2015

We develop a political-economy model of economic union and compare the competion regime to the coordination regime. Key policy differences emerge between the two regimes: concerning the generosity of the welfare state and the skill composition of migration. We argue that the differences between...

Persistent link: https://www.econbiz.de/10013014302

Saving Europe? : The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies

Mendoza, Enrique G. - 2014

What are the macroeconomic effects of tax adjustments in response to large public debt shocks in highly integrated economies? The answer from standard closed-economy models is deceptive, because they underestimate the elasticity of capital tax revenues and ignore cross-country spillovers of tax...

Persistent link: https://www.econbiz.de/10013046730

Do Enlarged Fiscal Deficits Cause Inflation : The Historical Record

Bordo, Michael D.; Levy, Mickey D. - 2021

In this paper we survey the historical record for over two centuries on the connection between expansionary fiscal policy and inflation. As a backdrop, we briefly lay out several theoretical approaches to the effects of fiscal deficits on inflation: the earlier Keynesian and monetarist...

Persistent link: https://www.econbiz.de/10013250933

Strong Sterling Pound and Weak European Currencies in the Crises : Evidence from Covered Interest Parity of Secured Rates

Fukuda, Shin-Ichi - 2016

In the post Lehman period, the interest rate of the US dollar became low on the forward contract because of“flight to quality” to the international currency. However, in the Euro crisis, that of the Sterling pound became equally low, while the other European currencies such as the Danish...

Persistent link: https://www.econbiz.de/10012999986

The Country Chronologies to Exchange Rate Arrangements into the 21st Century : Will the Anchor Currency Hold?

Ilzetzki, Ethan - 2017

Detailed country-by-country chronologies are an informative companion piece to our paper “Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?,” which provides a comprehensive history of anchor or reference currencies, exchange rate arrangements, and a new measure of...

Persistent link: https://www.econbiz.de/10012963735