The paper compares the cyclical behaviour of the Greek economy to that of the other EC economies, using quarterly and annual data since 1960 and the Real Business Cycle model as a theoretical framework. The evidence suggests that there are remarkable similarities in these features despite...

Expenditures devoted to research and development (R&D) are scarce and thus need to be used as efficiently as possible given the financial constraints countries are facing. This paper assesses the relative efficiency of R&D expenditures for 26 OECD member countries and 2 non-member countries. As...

In the second half of the 1990s Switzerland introduced an ambitious active labour market policy (ALMP) encompassing a variety of programmes. We evaluate the effects of these programmes on individual employment probability using unusually informative data originating from administrative records....

Since interventions by the public sector generally commit substantial societal resources, the evaluation of effects and costs of policy interventions is imperative. This Paper outlines why programme evaluation should follow well respected scientific standards and why it should be performed by...

We analyse the evolution of the business cycle in the accession countries, after a careful examination of the seasonal properties of the available series and the required modification of the cycle dating procedures. We then focus on the degree of cyclical concordance within the group of...

This Paper surveys the existing empirical research that uses search theory to analyse empirically labour supply questions in a structural framework, using data on individual labour market transitions and durations, wages, and individual characteristics. The starting points of the literature are...

This paper examines the relationship between fiscal policy and the current account, drawing on a larger country sample than in previous studies and using panel regressions, vector auto-regressions, and an analysis of large fiscal and external adjustments. On average, a strengthening in the...

This article analyzes the implications of money illusion for investor behavior and asset prices in a securities market economy with inflationary fluctuations. We provide a belief-based formulation of money illusion which accounts for the systematic mistakes in evaluating real and nominal...

This paper studies the potential impact on securities settlement systems (SSSs) of a major market disruption, caused by the default of the largest player. A multi-period, multi-security model with intraday credit is used to simulate direct and second round settlement failures triggered by the...

Price discrepancies, although at odds with mainstream finance, are persistent phenomena in financial markets. These apparent mispricings lead to the presence of ‘arbitrageurs’, who aim to exploit the resulting profit opportunities, but whose role remains controversial. This article...