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...

Anfang dieses Jahrzehnts schien der künftige Weg der Europäischen Union vorgezeichnet: Der Erweiterungsprozess sollte fortgesetzt werden, und der Vertiefungsprozess sollte in eine gemeinsame Verfassung münden. Mittlerweile tritt wieder etwas stärkere Skepsis zutage - sowohl gegenüber einem...

Es ist nicht übertrieben zu behaupten, dass Europa am Scheideweg steht und dass auf vielen Gebieten weitreichende integrationspolitische Weichenstellungen erforderlich sind, die deutlich über die vorwiegend krisenbekämpfenden Maßnahmen der vergangenen Jahre hinausgehen. Im Mittelpunkt dieses...

"Western Europe has welcomed its new members by shutting the door in the face of the workers coming from the East and making their road to EMU more difficult. Two years down the road of enlargement, some countries are now liberalizing worker flows. Indeed, as shown in this paper, these...

Western Europe has welcomed its new members by shutting the door in the face of the workers coming from the East and making their road to EMU more difficult. Two years down the road of enlargement, some countries are now liberalizing worker flows. Indeed, as shown in this paper, these...

The creation of the European Central Bank and the Euro have brought new challenges to EU integration and economic policy. This book looks into issues ofmonetary and factor market policies. The analysis also presents new theoretical and empirical research on the - transitory - decline of the...