The global financial crisis will have a major impact on developed and developing countries alike. The developed and richer developing countries have begun to address the consequences of the crisis and have announced various fiscal stimuli. The G 20 countries have announced fiscal stimuli worth...

This paper studies import demand in ten European countries over the period 1970-95, and our objective is to investigate whether the process of European integration has affected imports. We provide evidence for parametric change in traditional import demand equations, suggesting that important...

We provide empirical evidence for exogenous and endogenous catching-up of East German labour productivity to West German levels. We argue that labour productivity in East Germany has caught up faster than has happened elsewhere. The sudden formation of the German Monetary Union was followed by...

Economic and Monetary Union in Europe brings together contributions from leading specialists which explain and evaluate the most important implications of economic and monetary union. The book examines theoretical aspects of monetary integration, illustrates the historical lessons to be learned...

This paper explores the impact of openness, as measured by import penetration, on the size and duration of fiscal multipliers and spillovers across European Union members. The analysis is embedded in a macroeconomic model, NiGEM, to capture structural differences across countries, time and...

Recently there has been growing interest in examining the potential short-term link between survey-based confidence indicators and real economic activity, notably for macroeconomic policy making. This paper builds on previous studies to establish whether there is a short-term predictive...

The literature on costs of financial instability tends to focus on fiscal costs and the impact on GDP of banking crises. In this paper we analyse the effect of a banking or currency crisis on consumption. We show that consumption plays an important role in the macroeconomic adjustment following...

In this paper we report the results of a series of internal and external shocks on the Euro Area, using the National Institute’s Global Econometric Model, NiGEM. The differences in impacts across countries are discussed, stressing the role of openness to the rest of the world, the nature of...