A number of authors have attemted to test whether the U.S. economy is in a determinate or an indeterminate equilibrium. We argue that to answer this question, one must be impose a priori restrictions on lag length that cannot be tested. We provide examples of two economic models. Model 1...

The free trade agreement negotiated between the EU and the Republic of Korea (EU-Korea FTA or the Agreement) is far-reaching. In terms of the scope of tariff liberalisation it goes beyond anything the EU has agreed in previous agreements. The coverage of services is also ambitious. In a range of...

The report consists of four distinct parts, which provide a description and a quantitative assessment of the impact of preferential access schemes on the growth and diversification of exports from developing countries to the EU over time. Each part of the report can be read individually. The...

While Free Trade Agreements (FTAs) of both, the United States and the European Union, include labor issues in specific chapters, only US FTAs explicitly have “labor chapters,” while the EU FTAs have a general reference to labor rights through the human rights clause and otherwise refer to...

Within a two-step GARCH framework we explore the linkages between equity returns of ten sectors in the euro area, the United States and Japan, respectively. Our estimation framework allows a distinction to be made between spillover effects originating from one of the three currency areas and...

The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a SVAR model some fiscal policy regimes, i.e. a u0094set of rulesu0094 for the implementation of fiscal policies. Second, we identify the fiscal policy shocks related to different...