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European policy makers, notably in the euro area, seem to take for granted that the electorate will punish them for bold reform in product and labour markets. This may explain why progress in the euro area has been comparatively limited. This paper posits and, using a dataset for 21 OECD...
Persistent link: https://www.econbiz.de/10008459210
This paper analyses the adjustment mechanism in the euro area prior to the crisis. Results show that the real exchange rate adjusted to redress cyclical divergences and that after monetary unification, real exchange rate dynamics became less reactive to country-specific shocks but also less...
Persistent link: https://www.econbiz.de/10011307030
This paper analyses the adjustment mechanism in the euro area prior to the crisis. Results show that the real exchange rate adjusted to redress cyclical divergences and that after monetary unification, real exchange rate dynamics became less reactive to country-specific shocks but also less...
Persistent link: https://www.econbiz.de/10010848843
Persistent link: https://www.econbiz.de/10010129823
This paper analyses the adjustment mechanism in the euro area prior to the crisis. Results show that the real exchange rate adjusted to redress cyclical divergences and that after monetary unification, real exchange rate dynamics became less reactive to country-specific shocks but also less...
Persistent link: https://www.econbiz.de/10009748633
This paper assesses the adjustment mechanism in the euro area. Results show that the real exchange rate (REER) adjusts in such a way to redress cyclical divergences and that after monetary unification REER dynamics have become less reactive to country-specific shocks but also less persistent. It...
Persistent link: https://www.econbiz.de/10015311555
Persistent link: https://www.econbiz.de/10008668124
The cyclically-adjusted budget balance (CAB) is the backbone of the EU framework of fiscal surveillance, both in its preventive and corrective arms. The concept corresponds to the budget balance prevailing if the economy was running at potential. After correcting for the one-off and temporary...
Persistent link: https://www.econbiz.de/10011079841
The paper examines potential challenges arising at Member State level from the need and scope for either consolidating on the revenue side or shifting taxes away from labour. It uses a systematic indicator-based screening to identify Member States that may face a challenge in each of these two...
Persistent link: https://www.econbiz.de/10010796493
The paper examines the rationale for creating a database on labour market reforms and looks at the value-added of LABREF compared with existing datasets. In doing so, it considers recent developments in the economic literature as regards the design of labour market institutions. After a...
Persistent link: https://www.econbiz.de/10008509970