In this paper, the authors document a growing divergence between current account imbalances in northern and southern euro area countries from 1992 to 2007. The imbalance occurred without a concomitant rise in productivity and growth in the southern (deficit) countries. The authors argue that...

This paper argues that immigration can help to alleviate the burden ageing presents for the welfare states of most Western Economies. We develop a macroeconomic framework which deals with the impact of both ageing and immigration on economic growth. This is combined with a detailed model of the...

This paper briefly analyses the shifts in economic theory that have moved policy makers from unambiguously pursuing full employment to the current state where full employability is justified as being optimal. We also explore how these theoretical developments translated in practice, culminating...