All pillars of the Economic and Monetary Union (EMU) recently unleashed an array of measures to transform the economy towards climate neutrality. With the Green Deal, the ECB’s Strategy Review and the growing body of sustainable finance legislation, climate considerations have entered the...

This paper studies the welfare impact of a common monetary policy in the context of a two-country, general equilibrium model with liquidity effect and nominal wage contracts, heterogeneous agents, imperfect competition in the labor market, trade in goods, immobility of labor and mobility of...

We investigate cross-country fiscal policy spillovers through the integration of capital markets in a currency union and allow capital use in production to differ across countries. Following empirical evidence, we assume that production exhibits capital-skill complementarity. Using a...

For more than two decades now, current-account imbalances are a crucial issue in the international policy debate as they threaten the stability of the world economy. More recently, the government debt crisis of the European Union shows that internal current account imbalances inside a currency...

For more than two decades now, current-account imbalances are a crucial issue in the international policy debate as they threaten the stability of the world economy. More recently, the government debt crisis of the European Union shows that internal current account imbalances inside a currency...

The primary objective of this study is to assess the optimality of a currency area in the six Gulf countries. To evaluate this important strategic it is crucial to investigate the sources of macroeconomic fluctuations in the Gulf Cooperation Council (GCC) area. These countries are Saudi Arabia,...

Die Kohäsionspolitik in der Europäischen Union (EU) ist weithin als Instrument zur Förderung des Aufholprozesses akzeptiert, d.h. zur Unterstützung von Mitgliedstaaten mit einem niedrigeren Bruttoinlandsprodukt (BIP) pro Kopf, um ein höheres Wirtschaftswachstum zu erzielen und so ähnlich...

Die Kohäsionspolitik in der Europäischen Union (EU) ist weithin als Instrument zur Förderung des Aufholprozesses akzeptiert, d.h. zur Unterstützung von Mitgliedstaaten mit einem niedrigeren Bruttoinlandsprodukt (BIP) pro Kopf, um ein höheres Wirtschaftswachstum zu erzielen und so ähnlich...