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that services are produced in two contexts: in the first type, consumers interact directly with goods; in the second, the … identification of consumption contexts based on their building blocks (actors, goods, relationships), the basic classification of … intermediation of frontline personnel comes into play. Actors and goods present in the consumption contexts are knowledge …
Persistent link: https://www.econbiz.de/10014333070
Using a newly assembled, consistent and disaggregated dataset (12 goods and 7 services) on internal and bilateral trade … for 25 European countries, we analyse the difference between trade in goods and services. The measurement of both trade in … goods and trade in services is improved over earlier research, allowing us to compare trade in goods and services in a …
Persistent link: https://www.econbiz.de/10010377243
economy. It involves liberalization and facilitation of trade in goods, services, and investment, as well as protection and … promotion of investment; narrowing the development gap; and free flow of skilled labor and freer flow of capital. The AEC … removal of non-tariff barriers (NTBs) and services and investment liberalization. In summary, the AEC has come a long way, but …
Persistent link: https://www.econbiz.de/10010397257
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central bank's interest rate rule is based on a standard model...
Persistent link: https://www.econbiz.de/10010295857
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central bank's interest rate rule is based on a standard model...
Persistent link: https://www.econbiz.de/10010298366
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard model of the monetary transmission process that underlies...
Persistent link: https://www.econbiz.de/10010298367
Monetary policies of the ECB and US Fed can be characterised by Taylor rules, that is both central banks seem to be setting rates by taking into account the output gap and inflation. We also set up and tested Taylor rules which incorporate money growth and the euro-dollar exchange rate, thereby...
Persistent link: https://www.econbiz.de/10010298916
In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary aggregates as long as certain standard assumptions on the distributions of unobservables are satisfied. The model has been criticized for failing to explain common trends in...
Persistent link: https://www.econbiz.de/10010303717
The first three years of European Monetary Union provide a good basis for a comprehensive analysis of this unprecedented and controversial monetary arrangement. The paper starts with a short discussion of the recent changeover to Euro notes and coins and the general difficulties with the...
Persistent link: https://www.econbiz.de/10010305772
The pending enlargement of the European Monetary Union (EMU) has brought to the fore the discussion of the voting right distribution in the European Central Bank (ECB) council. We show that, in a model where labor unions internalize the inflationary consequences of wage setting, deviating from a...
Persistent link: https://www.econbiz.de/10010306539