This paper analyses the international transmission of monetary shocks with a special focus on the effects of foreign money ("global liquidity") on the euro area. We estimate structural VAR models for the euro area and the global economy including a global liquidity aggregate. The impulse...

Standard economic models hold that exchange rates are influenced by fundamental variables such as relative money supplies, outputs, inflation rates and interest rates. Nonetheless, it has been well documented that such variables little help predict changes in floating exchange rates u0097 that...

The publication u0091Structures of the taxation systems in the European Unionu0092 presents time series of tax revenue data from national accounts for the twenty-five Member States and Norway. It provides a breakdown of taxes according to different classifications: by types of taxes (direct...