A recent phenomenon of globalisation has come to be known as "Knowledge Process Outsourcing" (KPO), whereby knowledge-intensive R&D work is outsourced to an outside firm or an offshore-subsidiary. Primary motives of KPO are thought to be availability of highly-skilled labour, locations of...

Empirical evidence on whether the euro area monetary transmission process has changed is, at best, mixed. We argue that this inconclusiveness is likely to be due to the fact that existing empirical studies concentrate on the effects of a particular development on a specific transmission channel....

The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of competing hypotheses are evaluated on a stand-alone basis, and all are found to be inadequate. This includes the view that this outcome has been solely the result of more...

We examine the global dimension of inflation in 24 OECD countries between 1980 and 2007in a traditional Phillips curve framework. We decompose output gaps and changes in unitlabor costs into common (or global) and idiosyncratic components using a factor analysis andintroduce these components...

In practice, central banks have been confronted with a trade-off between stabilising inflation and output when dealing with rising oil prices. This contrasts with the result in the standard New Keynesian model that ensuring complete price stability is the optimal thing to do, even when an oil...

While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...

Vorliegendes Arbeitspapier untersucht die internationalen Entwicklung von Arbeitseinstellungen auf der Basis einer groß angelegten Untersuchung.

In the late 80s and 90s economic science failed to forecast major systemic crises and collapses. The same may happen with the case of China. The paper develops an analytical frame of reference by applying the conceptual tools of the French regulation school ...