Recently a number of studies on banking systems’ procyclicality have been drawn. Such an issue, often developed as a consequence of Basel 2 agreements, is related with credit crunch phenomena and financial stability. Typically, a temporary shock may produce a long term effect following or...

Theories of rules and discretion suggest that monetary policy rules are first best in terms of social welfare. However, if commitment is not feasible, delegating monetary policy to an independent and conservative central bank can be second best. Monetary policy in Germany during the past one...

According to a Keynesian view, short term output fluctuations are normally demand side led. Since prices reflect demand, they should mirror output fluctuations. Thus, prices and output are expected to move in the same direction in the short run. The present paper investigates the historical...

Este ensayo examina el intento por parte de Jordi Maluquer de Motes de construir “una nueva y más sólida estimación del Producto Interior Bruto (PIB) de España”. Para ello elabora una serie histórica del PIB a precios corrientes para 1850-1958. Además, extrapola retrospectivamente las...

La letteratura di storia economica del fascismo rileva come le politiche economiche del regime fossero indirizzate verso l'aumento di questo fattore della produzione. In questo lavoro si analizza il processo di accumulazione del capitale in Italia tra il 1881 e il 1938 per verificarne la...

Globalization is a phenomenon, which has different influence on national economies. Thus, some national economies have benefited (i.e. winners), while others have experienced a harmful outcome (i.e. losers). However, globalization is not a new phenomenon. The first truly globalised economy...

While most continental European economies have exhibit deceiving outcomes for two decades, it seems necessary ? and it reveals fruitful ? to elaborate an « institutional hypothesis » to understand this failure. Our central reasoning is the following : it is in the absence or the muffling of...

Was Germany ever united? Given the historical circumstances of Germanys unification in the 19th century there is no obvious answer to this question. But such an answer can affect the prospects of the post-1989 unification process, and beyond this of European integration. We provide an...

Based on the methodology developed by Hodrick & Prescott (1980), it is shown that monetary activity in Norway by no means obeys the cyclical patterns described by Lucas (1983). By constructing annual time series covering monetary data from 1900 to 1992, combined with the use of varying filtering...

Between 1850 and 2000, Spain’s real income increased by about 40-fold, at an average rate of 2.5 percent. The sources of this long-run growth are investigated using Jorgenson-type growth accounting analysis. We find that growth upsurges are closely related to increases in TFP. Spanish economic...