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Globalization and strengthening of integration processes have, among other things, also influenced some solutions relating to monetary sovereignty of particular countries. A great number of transition countries as well as some other underdeveloped countries are facing both inefficiency in their...
Persistent link: https://www.econbiz.de/10005620044
This policy note tries to understand the slow job recovery in the United States as the economy exists a recession. We show that the time-varying Okun coefficient has declined since the early 1990s, thus being consistent with the observation of jobless growth. This finding contrasts with other...
Persistent link: https://www.econbiz.de/10011110857
The U.S. housing market crash in 2007-2008 was not caused overnight by an over-supply of new homes that could not be sold. It was caused by the new money flows into mortgages ever since 1998. What changed in 1998 was that mortgage funds were not only used for building new homes at a price in...
Persistent link: https://www.econbiz.de/10011163523
The U.K.’s recent economic developments can be broken down in two distinct periods. The period 2002-2008 was the period in which economic growth was satisfactory and individual households’ wages and salaries were increasing at a level higher than inflation rates. It was also the period that...
Persistent link: https://www.econbiz.de/10011260162
The world’s financial crisis happened in 2008, but the U.S. individual households’ income and savings crisis happened before that: the latter one was already at crisis point in 2005 and 2006. The key of any analysis about the households’ income and savings crisis should start with the...
Persistent link: https://www.econbiz.de/10011260740
The real financial crisis in the U.S. and in other countries did not take place in the banking or the wider financial sector -yes banks and others financial institutions were affected by their own induced excessive lending schemes- but no, it seriously affected the individual households. More...
Persistent link: https://www.econbiz.de/10011260805
The concept of NAIRU summarized the observed negative correlation between the unemployment rate and the inflation rate for a number of countries. This correlation persuaded some analysts of the impossibility for governments to simultaneously target both low unemployment and price stability....
Persistent link: https://www.econbiz.de/10011112751
Life-cycle service was one of the characteristic aspects of the European Marriage Pattern. The majority of the children of labourers and peasants left the household of their parents during adolescence to acquire material resources and skills in preparation of marriage. Whilst in service,...
Persistent link: https://www.econbiz.de/10011107531
This paper studies the causes and consequences of political centralization and fragmentation in China and Europe. We argue that the severe and unidirectional threat of external invasion fostered political centralization in China while Europe faced a wider variety of smaller external threats and...
Persistent link: https://www.econbiz.de/10011107666
The rise of factor markets during the transition from the middle ages into the early modern was of crucial importance for long term economic growth. The transmission of property through the market however remains understudied, especially in the Southern Low Countries. In this paper we construct...
Persistent link: https://www.econbiz.de/10011107993