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We explore income and consumption smoothing patterns among European Community (EC) countries and among OECD countries … government lending and borrowing. In the absence of alternative income and consumption smoothing mechanisms, the restrictions on …
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monetary union occurs at the tails of the wealth distribution, namely between groups of equal wealth in different countries. …
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Against the background of the recent housing boom and bust in countries such as Spain and Ireland, we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this purpose, we incorporate in an otherwise standard two-region...
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