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The Great Depression and the Friedman-Schwartz hypothesis
Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2004
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...
Persistent link: https://www.econbiz.de/10009636549
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Post-crisis unemployment developments : US and EU approaching?
Casaux, Suzanne; Turrini, Alessandro - 2011
. In the US, the unemployment rate and the share of long-term unemployment grew very fast, during the crisis, thereby … unemployment? In other words, is the US labour market in the process of becoming more "European" in terms of size, composition and … dynamics? What would thus be the consequences in terms of outlook? This brief analyses the unemployment response to the crisis …
Persistent link: https://www.econbiz.de/10011291914
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US, Japan and the euro area
McAdam, Peter - 2003
There has been much discussion of the differences in macroeconomic performance and prospects between the US, Japan and the euro area. Using Markov-switching techniques, in this paper we identify and compare specifically their major business-cycle features and examine the case for a common...
Persistent link: https://www.econbiz.de/10009635889
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On the indeterminacy of determinacy and indeterminacy
Beyer, Andreas; Farmer, Roger E. A. - 2003
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...
Persistent link: https://www.econbiz.de/10009635896
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Forecasting real GDP
Brand, Claus; Reimers, Hans-Eggert; Seitz, Franz - 2003
This paper analyses the information content of M1 for euro area real GDP since the beginning of the 1980s and reviews theoretical arguments on why real narrow money should help predict real GDP. We find that, unlike in the U.S., in the euro area, M1 has better and more robust forecasting...
Persistent link: https://www.econbiz.de/10009635922
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Financing social impact : funding social innovation in Europe ; mapping the way forward
SIE Initiative; Social Innovation Europe Initiative - 2011
Persistent link: https://www.econbiz.de/10009641098
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Unemployment in Austria: low, but…
Sherwood. Monika - 2006
On the face of it, Austria’s labour market performs very well, which is reflected in one of the lowest unemployment … rates in the EU. However, while many of the euro area members have recently succeeded in reducing unemployment, the Austrian …. In addition the unemployment statistics are distorted by the relatively low labour force participation of older workers …
Persistent link: https://www.econbiz.de/10009661734
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Structural unemployment: a blot on the Finnish success story
Maiväli, Mart - 2006
feature of the Finnish economy compared with that of Sweden and Denmark is the higher level of unemployment. In the early 1990 … adapt. The spectacular recovery of the Finnish economy has pushed up labour demand. While unemployment has fallen back from …
Persistent link: https://www.econbiz.de/10009668588
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High unemployment in Poland - not only a labour market problem
Narożny, Michał - 2006
Persistent link: https://www.econbiz.de/10009668589
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Industrial relations developments in Europe 2009
Carley, Mark; McKay, Sonia; Miller, Jean-Michel - 2010
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...
Persistent link: https://www.econbiz.de/10011929350