This paper criticises the standard methodology used to measure the importance of different channels of risk sharing in federal states such as the one used in Asdrubali et al.'s (1996) seminal contribution. It argues that the methodology chosen in these papers systematically underestimates the...

This paper compares relative unit labour cost developments in the countries of the euro-area since the beginning of the European Monetary Union (EMU) both with historical developments and with intra-regional unit labour cost developments in the United States of America and Germany. To this end,...

With disparities in national unemployment rates reaching record levels, the debate on fiscal stabilisers in Europe has gained new momentum. Can a European unemployment insurance scheme help to absorb asymmetric shocks and bring about the desired level of macroeconomic stabilisation? What should...

Die Wachstumsschwäche in einigen europäischen Ländern wie Portugal und Italien in der ersten Hälfte dieses Jahrzehnts sowie anhaltend hohe Inflationsraten und ein Bauboom in Spanien haben zu einer Debatte darüber geführt, ob sich möglicherweise die einzelnen Länder der Eurozone...