This article examines the time-series properties of real Gross Domestic Product (GDP) in the Euro area as a whole, both prior to and after the adoption of the Euro in January 1999. We employ the relatively recent 'optimal approximation' band pass filter developed by Christiano and Fitzgerald...

This study uses both parametric and nonparametric techniques to analyse scale economies and relative efficiency levels in policing in England and Wales. Both techniques suggest the presence of significant scale effects in policing and considerable divergence in relative efficiency levels across...

In 1992 the EU monetary authorities adopted a 'harmonized' broad money aggregate. The EMI was subsequently established to promote monetary policy coordination. This paper considers how broad money aggregates might be used to guide EU monetary policy and whether a 'Euro-Divisia' monetary index...

It is recognized that the effectiveness of monetary policy in the control of inflation depends critically on the relationship between inflation and the output gap. During booms, inflation is highly sensitive to monetary influences, but during recessions this influence is considerably muted....