This paper analyses the emergence of internal debtor-creditor relationships within a monetary union. Developing a stock-flow consistent model consisting of three regions - North, South, and the Rest of the World (RoW), where North and South form a monetary union - it shows how the simultaneous...

This paper analyses the emergence of internal debtor-creditor relationships within a monetary union. Developing a stock- ow consistent model consisting of three regions - North, South, and the Rest of the World (RoW), where North and South form a monetary union - it shows how the simultaneous...

This paper analyzes the determinants of the European Commission's NAIRU estimates for 14 European OECD countries during 1985-2012. The NAIRU is a poor proxy for 'structural unemployment': Labor market institutions - employment protection legislation, union density, tax wedge, minimum wages -...

This paper analyzes the performative impact of the European Commission's model for estimating 'potential output', which is used as a yardstick for measuring the 'structural budget balance' of EU countries and, hence, is crucial for coordinating European fiscal policies. In pre-crisis years,...

This paper analyzes the impact of economic ideas on political processes and decision-making by focusing on the role and impact of the European Commission's "potential output model". The potential output model represents a core pillar in European fiscal policy coordination, that is, in executing...

This paper analyzes the performative impact of the European Commission's model for estimating ‘potential output', which is used as a yardstick for measuring the ‘structural budget balance' of EU countries and, hence, is crucial for coordinating European fiscal policies. In pre-crisis years,...