of adjustment to these shocks are then compared to the results from US regional data. We find that the underlying shocks … are significantly more idiosyncratic across EC countries than across US regions, which may indicate that the EC will find … neighbors, experience shocks of similar magnitude and cohesion as the US regions. EC countries also exhibit a slower response to …

and the US. Second, it may improve macroeconomic management by increasing the responsiveness of wages and prices to market …

feedback is left out of current long-term U.S. budget projections and could make it much more difficult for the U.S. to … will be unable to make remittances to the U.S. Treasury. Under alternative scenarios that allow for an emergence of fiscal …

Europe been high during recent years? Has there been a link between U.S. real rates and those in other countries? Can this … evidence that there is a positive association between movements in U.S. real rates and those in Europe. However,European real … rates typically do not move one-for-one with U.S. real rates,still leaving open the possibility that European monetary …

. This leads us to distinguish an EC "core" (made up of Germany and its immediate neighbors) and an EC periphery (made up of …