This study analyses possibilities for independent national redistribution and risk sharing policy in EMU by reviewing literature on fiscal federalism. The currency union will not directly affect the national welfare policy. It might increase mobility of people and capital, which would tighten...

Empirical equilibrium search models have attracted a growing interest in recent years. Estimation of such models has not been completely successful, however. This has led researchers to develop more sophisticated versions of the models, in an attempt to get a better fit to the data. This study...