Von Kritikern der Europäischen Währungsunion wird oft behauptet, die realwirtschaftliche Entwicklung in den einzelnen Regionen sei zu unterschiedlich, als dass eine einheitliche Geldpolitik effizient sein könne. Wie berechtigt solche Befürchtungen sind, lässt sich durch einen Vergleich des...

Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find evidence in favour of a stable long run money demand function. The equation appears to be increasingly unstable if more recent data are used. If the link between money balances and...

Monetary growth in the euro area has exceeded its target level especially since 2001. Likewise, recent empirical studies did not find evidence in favour of a stable long run relationship between the variables entering the money demand function. Instead the equation appears to be increasingly...

We investigate hysteresis and persistence behaviour in the course of unemployment in EU countries and US states by means of first and second generation panel unit root tests. While the former tests assume independent cross sections, the latter control for dependencies. The first generation tests...