-rate volatility, much the way U.S. consumer prices already are. We show that this has profound consequences for both the volatility … and levels of macroeconomic aggregates in both the U.S. and Europe. We find that European welfare is enhanced, and, more … surprisingly U.S. shares in Europe's good fortune. Alternative assumptions about how pricing behavior will change lead to different …

conversion rates between the Euro and the currencies of EMU" member states. Current EU legislation, notably the Maastricht treaty …

At a time of historic challenges to the viability of the Eurozone, we assess the contribution of the EU and the Euro to … segmentation is significantly lower for EU versus non- EU members. Bilateral valuation differentials remain lower for EU members …, financial regulation, and interest rate differences. Importantly, we find that EU membership reduces equity market segmentation …

years US fiscal policy has become highly countercyclical, which was due predominantly to discretionary changes in tax … the US. We also document the primary balance in the OECD economies is more sensitive to output growth rather than to the …

downstream activities, such as product design, advertising, marketing and distribution, and a corresponding reduction in the …