The paper discusses some widely used methods for estimating output gaps based on aggregated data for the eurozone. Though these methods exhibit some common features, an empirical comparison demonstrates that the various techniques differ substantially. In particular, the correlation of output...

The prospects for labour supply in Europe are considered. The analysis begins with a so-called labour market balance covering the development on an aggregate level. Estimations to shed light on the relation between unemployment and labour force participation are given in the second part of the...

This paper analyzes the question whether money demand in the Euro area has undergone a structural change in recent time when M3 money growth has considerably overshot the reference value set by the European Central Bank (ECB). It is found that conventional specifications of money demand have in...

This paper reviews the usefulness of monetary conditions in the euro area as leading indicators for aggregate demand conditions. Monetary conditions are measured with the MCI concept proposed by the Bank of Canada, and with the yield spread. A central result is that causality runs in both ways...

Based on a panel data model this paper investigates whether the effects of fiscal policy on national saving in Europe have changed after the Maastricht Treaty came into force. Recently Giavazzi, Jappelli and Pagano (2000) found evidence that national saving responds nonlinearly to fiscal policy...

The paper elaborates on the employment intensity of growth. Previous evidence regarding this question is surveyed. Empirical results concerning Europe and selected other industrial countries reveal that the cyclical link between unemployment and growth is still stable in the nineties. However,...

This paper analyzes the question whether money demand in the Euro area has undergone a structural change in recent time when M3 money growth has considerably overshot the reference value set by the European Central Bank (ECB). It is found that conventional specifications of money demand have in...

In dem Papier werden die Reformbeschlüsse zur europäischen Agrarpolitik vom Juni 2003 diskutiert. Im Mittelpunkt der Beschlüsse steht die Entkoppelung der Prämienzahlungen von der Produktion. Damit werden Produktionsanreize für die Landwirte abgebaut und es dürfte zu einer...

In May 2003 the European Central Bank (ECB) announced the revision of its monetary policy strategy. Although the ECB stressed that the revision would not imply any fundamental change in their decisions, this remains to be verified empirically. Therefore, this paper tries to answer the question...

The introduction of the euro marks a milestone in the process of European financial market integration. This paper analyzes the implications of the euro for cross-border banking activities. A portfolio model is used which captures the role of banks as providers of informational and of...