The paper demonstrates that policy makers have a precautionary motive to undertake more labour-market reform - and hence attain lower equilibrium unemployment - inside a monetary union than outside. The reason is a desire to reduce the utility cost of variations in employment when asymmetric...

The paper analyses various mechanism through which monetary union in Europe may affect unemployment. The focus is on the political incentives for labour-market reform. There will be more reform outside than inside the EMU to the extent that a national inflation bias can be reduced. But if there...

The paper analyses various mechanism through which monetary union in Euroep may affect unemployment. The focus is on the political incentives for labour-market reform. There will be more reform outside than inside the EMU to the extent that a national inflation bias can be reduced. But if there...

Ce texte constitue un complement a la presentation generale, non formelle, du modele CLFPSR faite dans [6]. Il contient une presentation systematique de la structure du modele, en termes d'economie mathematique, quoique elementaires: types de donnees et de variables, systeme de contraintes,...

This paper exemines the relationship between public and business investment in Canada using a bivariate structural VAR identified using long-run restrictions.

The likely impact of the EMU on the variability and level of employment is analysed. The major conclusions are: (1) Although an inflation-target regime will constrain monetary policy of a non-participant in the EMU, it still leaves considerable scope for exchange-rate changes in the case of...

The paper demonstrates that policy makers may have a precautionary motive to undertake more labour-market reform -and hence attain lower equilibrium unemployment- inside a monetary union than outside. The reason is a desire to reduce utility cost of variations in employment when asymmetric...

Colombia is a society with grave problems of social exclusion. However it is possible to work toward social inclusion if the political and economic forces of the country restructured democratically. It is necessary to create a comprehensive system of social protection and social security, adjust...

El propósito de este artículo es mostrar que, en contra de lo que muchos analistas preveían hace pocos años, las finanzas públicas en Colombia obtuvieron un beneficio significativo del proceso reciente de reducción de la inflación. El menor ritmo de crecimiento de los precios estimuló la...

The paper analyses the relationship between within-country income inequality and policies of domestic liberalization and external globalization. The models used to provide the rationale for such reforms—such as the Hecksher-Ohlin model—usually predict a decline in inequality. However, the...