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This paper argues that institutions and political party systems are simultaneously determined. A large change to the institutional framework, such as the creation of the euro by a group of European countries, will realign – after a transition period – the party system as well. The new...
Persistent link: https://www.econbiz.de/10012951356
This paper argues that institutions and political party systems are simultaneously determined. A large change to the institutional framework, such as the creation of the euro by a group of European countries, will realign - after a transition period - the party system as well. The new political...
Persistent link: https://www.econbiz.de/10012952095
We study the mechanisms through which the adoption of the Euro delayed, rather than advanced, economic reforms in the Euro zone periphery and led to the deterioration of important institutions in these countries. We show that the abandonment of the reform process and the institutional...
Persistent link: https://www.econbiz.de/10013084731
Persistent link: https://www.econbiz.de/10009790453
Persistent link: https://www.econbiz.de/10009733371
Persistent link: https://www.econbiz.de/10011715649
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Persistent link: https://www.econbiz.de/10011707233
Persistent link: https://www.econbiz.de/10009734192
This paper studies the pruned state-space system for higher-order approximations to the solutions of DSGE models. For second- and third-order approximations, we derive the statistical properties of this system and provide closed-form expressions for first and second unconditional moments and...
Persistent link: https://www.econbiz.de/10010969411