The fiscal governance of the EMU is in dire need of reform. Its current arrangements suff er from several shortcomings, most notably, the limitations they impose on national fiscal policies, steering them towards too restrictive or pro-cyclical stances; the absence of an unconditional lender of...

This paper extends the empirical stock-flow consistent (SFC) literature through the introduction of distributional features and labor market institutions in a Godley-type empirical SFC model. In particular, labor market institutions, such as the minimum wage and the collective bargaining...

This paper examines two questions. First, whether and if so, to what extent real compensation growth has been systematically associated with labour productivity growth in the past five decades, once other factors determining real compensation growth have been taken into account. And secondly,...