This paper proposes a new paradigm for the analysis of monetary policy. From an econometric point of view this new approach is just as easy to implement as reduced form analysis, but is robust to the Lucas critique. It requires no explicit prior theory and yet it encompasses all standard DSGE...

Monitoring and forecasting price developments in the euro area is essential in the light of the second pillar of the ECBu0092s monetary policy strategy. This study analyses whether the forecasting accuracy of forecasting aggregate euro area inflation can be improved by aggregating forecasts of...

In Lisbon the European Council proclaimed a European growth strategy. It considers an average economic u0093growth rate of around 3 percent as a realistic prospect for the coming yearsu0094 and assigns public finances an important role in the process of achieving this goal. This paper addresses...

We quantify the degree of persistence in unemployment rates of transition countries using a variety of methods benchmarked against the EU. In part of the paper, we work with the concept of linear u0093Hysteresisu0094 as described by the presence of unit roots in unemployment. Since this is...

In this paper we study the zero frequency spectral properties of fractionally cointegrated long memory processes and introduce a new frequency domain principal components estimator of the cointegration space and the factor loading matrix for the long memory factors. We find that for fractionally...

This evaluation of the EU’s cooperation with the Eastern Africa, Southern Africa and the Indian Ocean region (EA-SA-IO) aims to: - Provide an overall and independent assessmentof the past and current cooperation. - Identify lessons learned and make recommendations to inform current and future...

Ziel dieser Territorialisierungsstudie ist es, klare und zuverlässige Daten über die Konsequenzen der „Territorialisierung“ zu liefern, wie sie durch gewisse staatliche Beihilfeprogramme zur Unterstützung der Filmwirtschaft vorgeschrieben wird. Ergebnisse der Studie: 1 Eine objektive und...

This study researches the link between competition policy and economic growth. In particular, the authors investigate the contribution from the competition instruments – antitrust, merger control, sector specific measures, liberalisation and State aid – to achieve the goals of the EU 2020...