Until now, those seeking to undertake a cross-national comparison of undeclared work have had to rely on tenuous proxy indicators, such as the amount of cash in circulation or the amount of electricity consumed, due to the absence of direct survey evidence. In 2007, however, the first...

As a consequence of the missing global agreement in the fight against Climate Change, several independent emissions trading schemes are coming into operation. From an economic perspective it would be desirable if prices of CO2 emission allowances were the same in each scheme, as this would...

In the recent economic literature the independence of the central bank is often considered to be one of the most effective guarantees to achieve price stability. A strong theoretical basis of this proposition is that the monetary policy delegation given to an independent central bank is an...

The aim of the present paper is to provide criteria for a central bank of how to choose among different monetary-policy rules when caring about a number of policy targets such as the output gap and expected inflation. Special attention is given to the question if policy instruments are...

This paper analyses the mechanics of simple interest rate rules for two models----one with backward and the other with forward looking, rational expectations. The approach is to consider policy when faced with a specific task reducing inflation in a stabilizing manner. The two models are: (i)...