This Working Paper by Bruegel Senior Fellow Reinhilde Veugelers examines the potential for a knowledge-based growth path in transition countries of central and eastern Europe, the Caucasus and Central Asia. The paper looks closely at how total-factor productivity, a residual growth factor...

We further extend the information content in PATSTAT by linking it to Amadeus, a large database of companies that includes financial information. Patent microdata is now linked to financial performance data. Source code on Github. Download data.

This paper develops a new underlying inflation gauge (UIG) for China which differentiates between trend and noise, is available daily and uses a broad set of variables that potentially influence inflation. Its construction follows the works at other major central banks, adopts the methodology of...

The euro areaâ??s political contract requires member nations to rely principally on their own resources when confronted with severe economic distress. Since monetary policy is the same for all, national fiscal austerity is the default response to counter national fiscal stress. Moreover, the...

<em>This paper is co-authored by Luca Marcolin, KU Leuven.</em> The paper reviews the current debate on social innovation and proposes a new definition, which stresses the link between social innovation and changes in social capital. By referring to the economic analysis of social capital the authors...

<em>This Working Paper is co-authored by FPB and ICCS.</em> This Working Paper includes two separate parts: The first part describes the work that was achieved with the macro model NEMESIS (page 3) by FPB and SEURECO, and the second part the work that was achieved with the macro model GEM-E3 by the team...

The Working Paper “Innovation and Employment in Spanish Manufacturing Firmsâ€, written by Felipe Rojas Pizarro from the <em>Universidad Complutense de Madrid</em> is now available on-line. The paper is published under the micro-macro area, in the work package “Social dimension of...

This paper investigates the impact of the European Unionâ??s Emission Trading System (EU ETS) at a firm level. Using panel data on the emissions and performance of more than 2000 European firms from 2005 to 2008, we are able to analyse the effectiveness of the scheme. The results suggest that...

The European Semester is a new institutional process that provides EU member states with ex-ante guidance on fiscal and structural objectives. The Semesterâ??s goals are ambitious and it is still uncertain how it will fit into the new EU economic governance framework. We find that member states...

Anna Iara and Guntram Wolff develop a model of sovereign spreads that are determined by the probability of default in interaction with the level of risk aversion. Estimation of the model confirms the central predictions. The legal basis for the rules, and mechanisms for enforcing them, are the...