Skills shortage has become a key policy issue in highly developed and innovation-oriented economies, with non-negligible consequences on firms' innovation activities. We investigate the effect of skills shortage on firms' innovation openness, which is considered to be one of the key drivers of...

This paper conducts counterfactual historical analysis of several monetary policy rules by contrasting actual settings of instrument variables with values that would have been specified by the rules in response to prevailing conditions. Of particular interest is whether major policy mistakes,...