The purpose of this paper is to provide a consistent and transparent theoretical and empirical framework to analyse real effective equilibrium exchange rates for a large number of industrial countries. The theoretical and empirical model, as well as the applied methodology, are closely related...

This paper compares the technological and economic developments related to information and communication technologies in the 90s both in the US and Europe. In the first part, comparable information on the impact of ICT production and investment in both economies over the 90s is presented. The...

This paper is divided into 4 sections. 1) Deals with measurement issues and provides an overview of both the main statistical trend estimation methods as well as the more economically respectable production function approach. 2) Gives a detailed presentation of the potential output and output...

In 1968 Friedman put forward the notion of a “natural†rate of unemployment to encapsulate the idea that a “normal†level of unemployment, roughly equivalent to the amount of frictional and structural unemployment, persists even when the labour market is in equilibrium. Since...

This paper examines the economic implications of ageing populations. Simulations with the QUEST II model, which take explicit account of the labour force and public finance implications of ageing, suggest per capita living standards in the EU, US and Japan are likely to fall significantly over...

Life expectancy, fertility rates and migration flows are the key determining factors underlying all population projections. The share of elderly people in the overall population is presently of the order of 15 percent in the EC, US, and Japan. This paper examines the economic implications of...

In 1968 Friedman put forward the notion of a natural rate of unemployment to encapsulate the idea that a normal level of unemployment, roughly equivalent to the amount of frictional and structural unemployment, persists even when the labour market is in equilibrium. Since there are no direct...

QUEST was designed to analyse the economies in the member states of the European Union and their interactions with the rest of the world, especially with the United States and Japan. The focus of the model is oc the transmission of the effects of economic policy both on the domestic and...