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...

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...

The role of money in society has been a controversial topic in economic theory over many years. Particular attention has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left to a governmental agency. This paper reviews the...

Prior to the recession of 2008/09 household saving was extremely low in the United States. In the context of the recession the saving rate has increased by about 2 percentage points to close to 4%. Such a rise is in line with the record from previous recessions. The study argues that, this time,...

This annual review highlights the most significant developments that took place in industrial relations in the EU Member States and Norway in 2009, both at national and EU level. It first sets out the political context, then goes on to examine levels of coverage of collective bargaining, and...

With a particular focus on the crisis and responses to it, this annual review highlights developments in working conditions and industrial relations in the EU Member States and Norway in 2010, both at national and EU level. At national level, the report examines key issues covered by collective...

This report examines some of the ways in which the social partners have been involved in anticipating and managing change – namely, through their establishment or close participation in ‘transitional agencies’ and other structures set up to minimise the negative consequences of...

ProAct is a £48 million programme launched by the Welsh Assembly Government (WAG) in response to the economic crisis. Through social partner engagement, the Welsh Assembly Government developed and implemented the ProAct initiative in a matter of two to three months with the aim of helping...

This case study looks at the way in which the Plansee Group in Austria has sought to ensure a ‘soft landing’ for employees affected by the global economic downturn. Having seen a collapse in demand in 2008, primarily in the parts of its business supplying metal products to the ailing vehicle...