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democracy. In addition, public deficit volatility tends to be magnified for small countries, in the outcome of hyper …
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industries) in 25 EU countries over the period from 1995 to 2005. By applying a cross-country and industry-specific approach, it … importance of foreign wages versus domestic productivity developments in an open environment. We find that trade is not an …
Persistent link: https://www.econbiz.de/10008659411
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I build a quantitative two-country DSGE model of the European Union (EU) and investigate whether there are welfare … gains from fiscal policy cooperation between the new EU members and the euro area (EMU). Fiscal cooperation is defined in … firms in the new EU countries. When there is no foreign ownership in the new EU countries, the euro area is indifferent …
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The EMU accession countries are obliged to fulfill the Maastrich convergence criteria prior to entering the EMU. This paper uses a DSGE model of a two-sector small open economy, to address the following question: How do the Maastricht convergence criteria modify optimal monetary policy in an...
Persistent link: https://www.econbiz.de/10003778818
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...
Persistent link: https://www.econbiz.de/10003794175