We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight...

This text discusses trends on the Estonian labour market during the years of rapid economic development and the subsequent economic crisis. The aim of the text is to describe changes in the field of employment and unemployment, as well as the problems facing vulnerable groups (young people,...

The present study aims to provide a succinct but comprehensive account that will allow a better understanding of the economic and social impact of the measures implemented in Greece. To this end, the study takes stock of the hitherto implementation of the programme to elucidate its multiple...

Italy's problems are primarily structural; the current government is thus exploring more radical reform programmes, such as labour market reform and liberalisation. Compliance with the measures introduced towards achieving a balanced budget and reducing the public debt is a prerequisite to...

For the European institutions, the "Great Recession" officially began in March 2008, when the word "crisis" first appeared in the Conclusions of the European Council (European Council, March 2008). In the four years since then, the European response to that crisis has not always been the same; an...

Over the course of 2008 and 2009, the world economy experienced one of the most serious recessions in modern times. In July 2009, 22 million men and women were unemployed throughout Europe, five million more than a year previously. Moreover, the situation may well still have further to play out:...

This note presents employment policies aimed at containing the impact of the crisis on labour markets and assesses the effectiveness of these measures against a set of policy "do's and don'ts" and addresses the question whether further action is warranted.The global downturn is now strongly...

The shock waves from the U.S. subprime crisis have intensified throughout the last two years and have by now reached almost all economies. The Commission economic forecasts clearly indicated that in Europe the recession would be the deepest since the foundation of the EU. The 2009 Brussels...

The ongoing financial and economic crisis is taking its toll through an unprecedented drop in GDP – the Commission's spring forecast sets this loss at around 4% in 2009. Whilst financial market turbulence, credit shortages and higher unemployment will inevitably lead to a non-negligible loss...