This paper is the first attempt to investigate the performance of different learning rules in fitting survey data of household and expert inflation expectations in five core European economies (France, Germany, Italy, Netherlands and Spain). Overall it is found that constant gain learning...

The paper analyses the performance of simple interest rate rules which feature a response to noisy observations of inflation, output and money growth. The analysis is based on a small empirical model of the hybrid New Keynesian type which has been estimated on euro area data by Stracca (2007)....

We disentangle different driving factors of sovereign bond market integration by studying yield co-movements of EMU countries, the UK, the US and 16 German Länder in the last 15 years. At a low frequency of weeks, bond market integration has increased gradually in the course of the last 15...

Based on a post-Keynesian model of the relationship between wages, prices and employment, this paper begins by studying the extent to which unit labour cost trends have been responsible for disinflation and deflationary tendencies in Germany and Europe. Thereafter, the reasons for the...

In this study we forecast the term structure of FIBOR/EURIBOR swap rates by means of recursive vector autoregressive (VAR) models. In advance, a principal components analysis (PCA) is adopted to reduce the dimensionality of the term structure. To evaluate ex?ante forecasting performance for...

In this paper we examine changes on investment decisions induced by the introduction of the Euro. There are two potential sources of portfolio reallocation. First, the introduction of the Euro diminished exchange rate risks within the EMU region, which relieved European investors from currency...

In diesem Papier wollen wir zum einen kurz die Stärken und Schwächen der EU-Direktive aufzeigen. Zum anderen wollen wir einige offene Fragen diskutieren, die bei der Umsetzung des Emissionshandels auf nationaler Ebene - insbesondere bei der Aufstellung des nationalen Allokationsplans - eine...

Der Richtlinienentwurf der EU-Kommission zur europaweiten Einführung eines Folgerechts auf Kunstwerke ist dazu gedacht, die öknomische Lage junger Künstler zu verbessern. Eine einfache preistheoretische Überlegung zeigt jedoch, daß dieses Ziel verfehlt werden dürfte. Außerdem analysiert...

We investigate different techniques to assess the gender pay gap in five EU countries (France, Germany, Italy, Spain and United Kingdom), focusing on self-selection into market work. Results show that selectivity correction has an impact on both wage estimates and wage gap decomposition. If...

Entering host country networks of knowledge flows (new competencies, innovative technologies, and lead-market knowledge) is a major rationale of multinational firms for investing abroad. Foreign firms find it difficult to overcome cultural and social barriers which make their foreign engagements...