Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...

The prices of futures contracts on short-term interest rates are commonly used by central banks to gauge market expectations concerning monetary policy decisions. Excess returns - the difference between futures rates and the realized rates - are positive, on average, and statistically...

This paper describes the response of three central banks to the 2007-09 financial crisis: the European Central Bank, the Federal Reserve and the Bank of England. In particular, the paper discusses the design, implementation and impact of so-called "non-standard" monetary policy measures focusing...

We explore the macroeconomic impact of a compression in the long-term bond yield spread within the context of the Great Recession of 2007-2009 via a Bayesian time-varying parameter structural VAR. We identify a ‘pure’ spread shock which, leaving the short-term rate unchanged by construction,...

In dieser IW-Analyse geht es um die positiven Wohlfahrtseffekte der EU-Integration, die am Beispiel der langfristigen Auswirkungen eines Brexits illustriert werden. Dazu werden wesentliche Studien zu den Auswirkungen eines Brexits kategorisiert und kurz vorgestellt. Die bis Anfang April 2016...

For a growing number of children in families headed by single mothers and in those headed by two adults with limited job skills, economic security now depends on mothers' earnings. The role that income transfers plays in reducing child poverty is well understood. Much less investigated is the...

A bottom-line of the interest in welfare state programs and cross-national variations in the pattern, size and structure of various social policies, is that we expect that the welfare state is an institution that greatly affects our lives and well-being. A further assumption is that this impact...

Comparative poverty research flourishes, especially since comparable income data are easily available through the Luxembourg Income Study. However, a number of methodological pitfalls in comparative poverty research are often overlooked. There is a vast amount of literature on sensitivity of...

Few works more than Esping-Andersen's 'Three Worlds of Welfare Capitalism' have drawn researchers' attention on institutional features that characterize the diverse typologies of welfare regimes; yet the impact of the different institutional settings on income distribution has mostly been taken...