This paper analyses the development of roundwood trade in Europe in the context of changes in supply and trading patterns due to liberalisation in European transitional economies (CEEC), nature-oriented forest management as well as prospective EU enlargement. First, it is studied whether...

The European Union fulfills its emissions reductions commitments by means of an emissions trading scheme covering some part of each member state's economy and by national emissions control in the rest of their economies. The member states also levy energy/emissions taxes overlapping with the...

The European Union fulfills its emissions reductions commitments by means of an emissions trading scheme covering some part of each member state's economy and by national emissions control in the rest of their economies. The member states also levy energy/emissions taxes overlapping with the...

This volume was prepared by Sebastian Benz while he was working at the Ifo Institute. It was completed in December 2013 and accepted as a doctoral thesis by the Department of Economics at the University of Munich. It includes five self-contained chapters. All chapters discuss different...

This paper analyzes the changes in the structure of trade as well as the developments in the capital account of Turkey since mid-1990s and discusses the possible composition of trade flows and Turkey's attractiveness for international capital inflows in the near future. Analysis of the long-term...

This paper investigates the in inflationary effects of fscal policy in an optimizing general equilibrium monetary model with capital accumulation, exible prices and wealth effects. The model is calibrated to Euro Area quarterly data. Simulation results show that government defcits, high debt...

This paper investigates the performance of optimised interest rate rules when there is uncertainty about a key determinant of the monetary transmission mechanism, namely the degree of persistence characterising the inflation process. The paper focuses on the euro area and utilises two variants of...

This paper reviews the key economic issues concerning the welfare costs of inflation and deflation, with a view to shedding light on the desirable properties of the inflation process. Our review of the evidence on the overall costs of inflation and deflation indicates that such costs could be...

This paper summarises the results of a quantitative study of the possible impact of downward nominal wage rigidity on the determination of inflation and output in the euro area and the existence of a non-vertical long-run Phillips curve. The study was undertaken in the context of the review of...

We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European Monetary Union (EMU). We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the...