This paper provides a conceptual analysis of the EU's legitimation status through the lens of a realist account of legitimacy. We propose a modification of Bernard Williams' theory of liberal legitimacy, and use it to make sense of the widely perceived legitimation crisis of the EU. In Williams'...

Abstract The notion that an independent central bank reduces a country’s inflation is a controversial hypothesis. To date, it has not been possible to satisfactorily answer this question because the complex macroeconomic structure that gives rise to the data has not been adequately...

We develop and apply a procedure to test the welfare implications of a beauty and non-beauty contest based on survey forecasts of interest rates and yields in a large country sample over an extended period of time. In most countries, interest rate forecasts are unbiased and consistent with both...