This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We find that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...

The accession of ten new countries to the European Union on 1 May 2004 represents a further milestone on the way to the economic and political integration of all countries in Europe. With their entry into the EU the new member states from Central and Eastern Europe have officially concluded...

Enlargement will provide major impulses for economic integration and new possibilities for the division of labour in the enlarged EU will offer additional opportunities for growth. At the same time, ensuring a more or less uniform regulatory framework in a single market comprising 25 or more...

This evaluation assesses the Commission of the European Union’s regional cooperation with the two European Neighbourhood Policy (ENP) Regions (East and South)” over the period 2004-2010. It aims at providing an overall independent assessment of the regional cooperation strategy and support...