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The European Central Bank's monetary policy addresses the euro-area average inflation rate. By setting conditions for the area as a whole it should ensure symmetric price adjustment. Indeed, consumer price inflation rates provide little evidence of asymmetric adjustment during 2009-11. Only...
Persistent link: https://www.econbiz.de/10009538163
Jean-Claude Trichet deserves praise for fighting inflation and his handling of the financial crisis of 2007-2009. But his legacy is unfinished and we still have to see whether he will be the one who saved the euro. Important challenges remain for the incoming president. First, trust of citizens...
Persistent link: https://www.econbiz.de/10009296644
All Eurosystem credit operations, including the important open market operations, need to be based on adequate collateral. Liquidity is provided to banks against collateral at market prices subject to a haircut. The Eurosystem adapted its collateral framework during the crisis to accept...
Persistent link: https://www.econbiz.de/10010436552
Foreign direct investment is of increasing importance in the European Union. This paper estimates the effect of taxes on foreign direct investment (FDI) flows and on three sub-components of these flows for the countries of the en- larged European Union. The model in the spirit of gravity...
Persistent link: https://www.econbiz.de/10003344848
This paper calculates effective macro-economic tax rates for the 25 EU countries following the methodology developed in Mendoza, Razin, and Tesar (1994). The available Eurostat data allow to compute the tax wedge on consumption, labor and capital. We show that effective tax rates in the 10 new...
Persistent link: https://www.econbiz.de/10003328546
Foreign direct investment is of increasing importance in the European Union. This paper estimates the effect of taxes on foreign direct investment (FDI) flows and on three sub-components of these flows for the countries of the en- larged European Union. The model in the spirit of gravity...
Persistent link: https://www.econbiz.de/10003304979
Persistent link: https://www.econbiz.de/10002469354
Reale Renditen fallen weltweit mindestens seit Anfang der 1980er Jahre, so auch in Deutschland. Die Gründe hierfür werden kontrovers diskutiert. Es handelt sich aber um eine langfriste Veränderung von globalem Spar- und Investitionsverhalten aufgrund von demographischen und strukturellen...
Persistent link: https://www.econbiz.de/10011390483
Persistent link: https://www.econbiz.de/10011893540
Persistent link: https://www.econbiz.de/10011817943