We estimate the Smets and Wouters (2007) model augmented with the Gertler and Karadi (2011) financial intermediation sector on US data by using real and financial observables. Given the framework of the estimated model, we address the question whether and how standard monetary policy should...

This paper analyzes the relationship between state aid and ?rm performance in terms of productivity growth. To this end, we use all European state aid cases that were granted (either to an individual ?rm or a group of ?rms under the form of a scheme) in manufacturing between 2003 and 2011. Our...

The academic literature provides no clear answer to this question. In principle, the recent slowdown in reform activity and fiscal consolidation in the euro area may derive from several developments. Potential reasons involve the end of the economic recession, the provision of financial...

It is heavily discussed whether trade liberalization is good or bad for the poor in a given (developing) country. The answer depends on a wide variety of factors, such as the type of trade barrier removed, the economic and institutional environment in the country, and the characteristics of the...

Neue Forschungsergebnisse zeigen: Die 450 Milliarden Euro schwere Regionalförderung der EU hat keine positive Wirkung auf das Wachstum. - Die EU-Strukturfonds machen in der Finanzperiode von 2014 bis 2020 erstmals den größten Haushaltsposten der Europäischen Union (EU) aus. Bisherige...

[Background] This report presents results of an impact evaluation of a market-based energy access intervention implemented by the Energising Development (EnDev) programme in rural Kenya. The EnDev Kenya intervention seeks to establish and enhance self-sustaining markets for modern energy...

The current state of Latvia can be best described in medical terms: the patient is pale, but alive. The financial woes have been successfully resolved, but economic, social and political challenges remain. The crisis is continuing to affect the fabric of social and political life in Latvia. This...

Economic and Monetary Union (EMU) can be characterised as a complicated set of legislation and institutions governing monetary and fiscal responsibilities.The measures of fiscal responsibility are to be guided by the Stability and Growth Pact (SGP), which sets rules for fiscal policy and makes a...

This thesis consists of four essays in empirical macroeconomics. The first three essays examine the conduct of monetary policy during a disinflationary and deflationary era, with the policy interest rates close to or at the zero bound.The questions of interest include the potency of the interest...