With a large-scale econometric world model we derive policy multipliers and the parameters for the utility functions for 10 EMU countries and for the ECB. The gains from cooperation are calculated by comparing two equilibria, a Nash and a cooperative equilibrium. The cooperative equilibrium is...

The economic recovery in CESEE has strengthened further in recent months, resulting in a number of additional upgrades to our growth forecasts for 2021, to 5.4% on the regional average. This good performance has been built on two important foundation stones: the adaptation of the CESEE economies...