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suggests. We conduct a detailed investigation of the distribution of wealth transfers in eight Euro-area countries. First, we …
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Using an estimated large-scale New-Keynesian model, we assess welfare and business cycle consequences of a fiscal union within EMU. We differentiate between three different scenarios: public revenue equalisation, tax harmonisation and a centralised fiscal authority. Relative to the status quo,...
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the line of thought of its prevalent explanation in equilibrium economics which is focusing on market failures as its key … contrasted with a non-equilibrium economics perspective on EU regional policy. Based on this, the existence of market failures …. Finally, the non-equilibrium economics perspective on EU regional policy is also animadverted, since market failure thinking …
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Several studies have analyzed the trade and output effects of the Transatlantic Trade and Investment Partnership (TTIP) between the United States and the European Union, but our paper is the first attempt to study its welfare effects. We measure the welfare effect of TTIP as the percentage of...
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Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence … potential way to address such imbalances is through a fiscal devaluation. We use a DSGE model calibrated to the euro area to …
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