Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request...

This is the fifth of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In...

This paper's analysis of growth and inflation dispersions in the euro area reveals several findings. First, these dispersions have declined appreciably since EMU; remaining dispersions are small but persistent, relating mainly to country-specific shocks, not differences in the transmission of...

Da die Zuständigkeit für die Finanzpolitik auch nach der Errichtung des Europäischen Zentralbanksystems bei den nationalen Regierungen verbleibt, ist eine zügige Verminderung der Budgetdefizite, wie sie insbesondere in Griechenland und Italien geboten wäre, nicht gewährleistet. In diesem...