Showing 1 - 10 of 15
. Although convergence towards higher levels of income appears to be a distant prospect at current trend growth rates, this is …
Persistent link: https://www.econbiz.de/10012446298
This paper investigates the effect of product market regulations on the international diffusion of productivity shocks. The empirical results indicate that restrictive product market regulations slow the process of adjustment through which best practice production techniques diffuse across...
Persistent link: https://www.econbiz.de/10012446836
convergence and short term dynamics to vary across countries. While there are indeed good reasons to believe in common long … direct investment, the theoretical models imply that the speed of convergence to the steady state differs across countries …, standard dynamic fixed effect specifications, by imposing cross-country homogeneity restrictions on speed of convergence and …
Persistent link: https://www.econbiz.de/10012446905
Progress in regional convergence in the EU has been uneven over the last two decades. While Central and Eastern Europe …, within most countries, gaps between large cities and rural areas have widened. Some challenges to convergence have stemmed …
Persistent link: https://www.econbiz.de/10012801148
convergence in the currency union. …
Persistent link: https://www.econbiz.de/10012801162
The 2005 reform of the EU Stability and Growth Pact has provided leeway for governments to let their fiscal deficit temporarily breach the 3% rule to finance the immediate budgetary cost of structural reform, such as compensation schemes to offset redistributive effects. Against this backdrop,...
Persistent link: https://www.econbiz.de/10012443961
periods of very fast growth. We interpret these results as a sign that price level convergence comes from goods, market and …
Persistent link: https://www.econbiz.de/10012444720
This paper examines the effects of fiscal policy on output in the euro area. For this purpose we develop a DSGE Fiscal Model with endogenous government bond yields to assess the impact of different fiscal policy shocks on output, its components and on government debt. The simulations suggest...
Persistent link: https://www.econbiz.de/10012446129
In most OECD countries, public spending rose steadily as a share of GDP over the past decades to the mid-1990s, but this trend has since abated. The spending pressures stemming from the continued expansion of social programmes have been partly compensated by transient or one-off factors....
Persistent link: https://www.econbiz.de/10005045600
The UK medium-term budgetary framework introduced in 1997 addressed a number of weaknesses of the former regime, notably a bias against capital expenditure and, more generally, poor conditions for longerterm planning adversely affecting central government spending departments, local authorities...
Persistent link: https://www.econbiz.de/10005045652