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Sustainability of the Estonian macroeconomic performance in the light of the EU membership

Olenko, Katrin - 2004

Estonia with the EU-15 and the former accession countries. It gives an overview of the nominal convergence according to the … rules laid down by EC Treaty on EMU convergence criteria. In the context of real convergence the set of criteria provided by …

Persistent link: https://www.econbiz.de/10009636773

Convergence of real GDP per capita in the EU15: How do the accession countries fit in?

Kaitila, Ville - 2004

. Convergence occurred in two spells, in 1960u009673 and 1986u00962001, with an interim period of stagnation. In this paper, we … analyse both s and b convergence and discuss the impact of EU membership, trade and investment. We also analyse how seven … growth in the accession countries. Still, the experience of the EU15 countries shows that convergence cannot be taken for …

Persistent link: https://www.econbiz.de/10009636868

Convergence and reunification in Cyprus: Scope for a virtuous circle

Noë, Willem; Watson, Max - 2005

Persistent link: https://www.econbiz.de/10009698435

Commission´s assessment of the 2005 update of the convergence programme of Denmark

Europäische Kommission / Generaldirektion Wirtschaft … - 2006

The 2005 update of the Danish convergence programme, covering the period up to 2010, was submitted to the Commission on … broadly follows the model structure for stability and convergence programmes specified in the new code of conduct. …

Persistent link: https://www.econbiz.de/10011902409

The role of product market regulations in the process of structural change

Messina, Julián - 2003

The sectoral allocation of labor differs considerably across developed economies, even in the presence of similar patterns of structural change. A general equilibrium model that captures the stylized facts of structural change is presented. In this framework, product market regulations raise...

Persistent link: https://www.econbiz.de/10009639850

What are the spill-overs from fiscal shocks in Europe?

Giuliodori, Massimo; Beetsma, Roel - 2004

We use a Vector Auto Regression (VAR) analysis to explore the (spill-over) effects of fiscal policy shocks in Europe. To enhance comparability with the existing literature, we first analyse the effects of these shocks at the national level. Here, we employ identification based on Choleski...

Persistent link: https://www.econbiz.de/10009636548

Understanding the effects of government spending on consumption

Galí, Jordi; López-Salido, J. David; Vallés, Javier - 2004

Recent evidence on the effect of government spending shocks on consumption cannot be easily reconciled with existing optimizing business cycle models. We extend the standard New Keynesian model to allow for the presence of rule-of-thumb (non-Ricardian) consumers. We show how the interaction of...

Persistent link: https://www.econbiz.de/10009639393

Sovereign risk premia in the European government bond market

Bernoth, Kerstin; Hagen, Jürgen/von; Schuknecht, Ludger - 2004

This paper provides a study of bond yield differentials among EU eurobonds issued between 1991 and 2002. Interest differentials between bonds issued by EU countries and Germany or the USA contain risk premia which increase with the debt, deficit and debt-service ratio and depend positively on...

Persistent link: https://www.econbiz.de/10009639423

Intergenerational altruism and neoclassical growth models

Michel, Philippe; Thibault, Emmanuel; Vidal, Jean-Pierre - 2004

This paper surveys intergenerational altruism in neoclassical growth models. It first examines Barro's approach to intergenerational altruism, whereby successive generations are linked by recursive altruistic preferences. Individuals have an altruistic concern only for their children, who in...

Persistent link: https://www.econbiz.de/10009639441

Financial markets' behavior around episodes of large changes in the fiscal stance

Ardagna, Silvia - 2004

Using a panel of OECD countries from 1960 to 2002, this paper shows that financial markets value fiscal discipline. Interest rates, particularly those of long-term government bonds, decrease when countries' fiscal position improves and increase around periods of budget deteriorations. Stock...

Persistent link: https://www.econbiz.de/10009639450