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This paper reviews the usefulness of monetary conditions in the euro area as leading indicators for aggregate demand conditions. Monetary conditions are measured with the MCI concept proposed by the Bank of Canada, and with the yield spread. A central result is that causality runs in both ways...
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In this paper we estimate the labor supply function for married females in Estonia. Particularly, we are interested in …
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, Estonia, as the transition process develops. Using Labour Force Survey data covering the period 1989-1999, we show that after … the initial shock, displacement rates in Estonia have fallen back to levels observed in several western economies, as the … in Estonia. The main cost of displacement is then the income loss due to non-employment, which is severe for a minority …
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We scrutinize the role of capital flows for competitiveness in seven euro-area countries in the context of real convergence and crisis with a specific focus on Greece. The paper extends the seminal Balassa-Samuelson model to include international capital markets. Capital flows are assumed to be...
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