Introduction and comment on the discussion / by William Wallace -- Maximalism or minimalism? : Britain's European options / by David Marquand -- Comment / by Hugh Corbet -- Comment / by Bryan Gould -- Comment / by Laurens Brinkhorst -- The balance of payments and British membership of the...

This paper uses panel vector autoregressive models and simulations of an estimated DSGE model to explore the reaction of Euro area banks to the global financial crisis. We focus on their interest rate setting behavior in response to standard macroeconomic shocks. Our main empirical finding is...

A new model for time-varying spatial dependencies is introduced. It forms an extension to the popular spatial lag model and can be estimated conveniently by maximum likelihood. The spatial dependence parameter is assumed to follow a generalized autoregressive score (GAS) process. The theoretical...