Despite considerable progress regarding Mew Member States’ (NMS) nominal convergence with Euro-zone countries, the record is more mixed regarding real/structural convergence. At the same time, almost all NMS face the additional challenge of combining economic and monetary integration with the...

We conduct a meta-analysis of the Taylor rule collecting a large number of estimated coefficients from the literature. Our objectives include consideration of heterogeneity in the estimated coefficients, identification of its sources, and examining for the presence of publication bias and...

The focus of this paper is on the extent to which the macroeconomic models developed by the European Central Bank (ECB) and the Bank of England (BoE) are consistent with the 'New Consensus Macroeconomics' (NCM for short). The macroeconometric models are important in two respects. First, they are...

The aim of this paper is to show that there are clear advantages in forecasting overall market trends and in policy analysis in treating the US housing market as homogeneous. This study differs from the traditional approach and other studies that attempt to deal with US house prices in a...

The paper discusses a range of considerations as to whether the new member countries would benefit from joining EMU, and then to propose alternative criteria for their membership. It begins by rehearsing the 'optimal currency area' arguments, and then consider one aspect of those arguments,...