output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts … several potential explanations for it. While the evidence seems to point at differences in consumption responses, rather than … investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle. …

The 2005 update of the Danish convergence programme, covering the period up to 2010, was submitted to the Commission on … broadly follows the model structure for stability and convergence programmes specified in the new code of conduct. …

effcient risk-sharing, negatively correlated with cross-country consumption ratios. This paper shows that incomplete asset …