The financial crisis demonstrated severe shortcomings in existing global, European and national regulatory and supervisory frameworks for the financial system. Although most attention was paid to regulatory flaws, the failure to prevent a near collapse of the financial system also triggered a...

This paper gives an overview of the recent literature on bank business models, structured along what we deem to be the three central questions when analysing business models. By doing so, we endeavour to provide the recent shift in prudential supervision towards the analysis of bank business...

Policymakers' efforts to boost trend output growth may be hampered by the presence of a tradeoff between productivity gains and job creation. This paper presents empirical evidence that the negative relationship between productivity growth and employment growth that prevailed in the 1960s and...

This paper studies the implications of globalisation for the effectiveness of monetary policy in large open economies, such as the euro area and the United States. The analysis allows for imperfect competition and an endogenous home bias in consumption. I find that globalisation (a reduction in...

We analyse the role of labour mobility as a mechanism for regional adjustment in Europe. We find that only a small share of migration can be explained by economic differences. Moreover, despite European integration and structural reforms, the role of labour migration in regional adjustment has...

This paper develops a monetary-fiscal game which stresses the importance of international spillovers and introduces a double (monetary and fiscal) credibility problem. The first part of the paper shows that the welfare cost of structural distortions is increased by the inability of fisical...

This paper employs a dynamic Ricardian model to analyse the impact of the timing of EU expansion on the real exchange rate between the accession countries' currencies and the euro. I find that the real exchange rate response to EU accession is smaller in the case of a postponed accession, as...

This paper analyses the relationship between product market competition and labour market institutions in a general equilibrium context. It concludes that an increase in product market competition, enhanced .exibility of labour supply, social security reform and a reduction in union bargaining...

This paper analyses competition in the professions, paying attention to the consequences for the price level and price differentiation in particular. This is relevant not only for the evaluation of competition policy, but also for monetary policy. If enhancing competition is successful, it may...

We analyse the possible impact of EMU enlargement on inflation rates in the ac-cession countries. We establish two main points: first, using a theoretical model we show that if large initial differences in price levels occur, even under very favourable circumstances the optimal path for price...