The European Network of Economic Policy Research Institutes (ENEPRI) brings together twenty-four leading national economic policy research institutes from most of the EU-27 countries. The goals of the network are to foster the international diffusion of existing research, co-ordinate research...

The present report gathers 21 contributions received from national Economic and Social Councils (ESCs) and similar institutions, civil society organisations and members of the European Economic and Social Committee (EESC) in relation to their implications and activities regarding the 2012...

This paper compares the P-bar model of price adjustment with the currently dominant Calvo specification. Theoretically, the P-bar model is more attractive as it depends on adjustment costs for physical quantities rather than nominal prices, while incorporating a one-period information lag....

At our first meeting, ten years ago, we offered a medium-term strategy for ending inflation and restoring productive growth to its long-term average. The rate of inflation for the previous three years was, then, about 5 1/2%. The average rate of money growth -- currency and checkable deposits --...

There are no good monetary policy options. Since policymakers must choose between alternative policies with undesirable consequences, there is no reason to assume that a single option will be selected and adhered to. Rather, policies will continue to alternate between "spurts" of monetary growth...

At the last meeting of this committee, we presented forecasts for the M 1 - Adjusted Monetary Base Multiplier in seasonally adjusted form for the first time. The seasonal adjustment was accomplished by utilizing the published seasonal factors for various components of the monety stock as...

The economy is sound structurally, but weak cyclically. The probability of recession remains relatively low, as heightened business efficiencies and the Federal Reserve's disinflationary monetary policy have reduced potentially disruptive imbalances in the economy. However, the Fed's sustained...

Pessimism about the current economy and its near-term prospects is overstated. The economy has grown at a 2 1/2% rate for the last two years. This is slightly lower than the average for the last century, but the difference is small. Concerns about near-term prospects have encouraged a return to...