We use a two-country model with a central bank maximizing union-wide welfareand two fiscal authorities minimizing comparable, but slightly differentcountry-wide losses. We analyze the rivalry between the three authorities inseven static games. Comparing a homogeneous with a heterogeneous...

This paper compares the mixed-data sampling (MIDAS) and mixed-frequency VAR(MF-VAR) approaches to model speci…cation in the presence of mixed-frequency data,e.g., monthly and quarterly series. MIDAS leads to parsimonious models based onexponential lag polynomials for the coe¢ cients, whereas...

This paper analyses the regulatory framework which applies to the determination of directors’remuneration in Europe and examines the extent to which European firms follow best practices incorporate governance in this area, drawing on an empirical analysis of the governance systems thatEuropean...

A lot happened even before the perceived beginning of this crisis in 2007,so although the events are recent, I will give an overview from a US perspectiveof the period from 2001 to date, in our search for the lessons to be learned.Much of it is probably familiar, but worth revisiting.I will...

Nobuko Inagawa has written an excellent paper on the relevance of Japanese experiences for a successful integration of Central and Eastern European countries (CEECs) into the world economy. Talking about the case of Japan is particularly interesting - and potentially controversial - compared...

For over a decade, The Wall Street Journal and The Heritage Foundation, Washington's preeminent think tank, have tracked the march of economic freedom around the world with the influential Index of Economic Freedom. Since 1995, the Index has brought Smith's theories about liberty, prosperity and...

In this paper we question the consensus of using a binary crisisdefinition for empirical crisis models. We believe that the most severeshortcomings of the crisis models today are in the crisis definition rather than the explanatory variables ...

In this qualitative sociological and quantitative economic policy paper, we start out from the assumption of a very recent European Commission Background paper on the "Efficiency and effectiveness of social spending", which says the effectiveness of social spending can be defined by the degree...

The ongoing coronavirus pandemic crisis as well as demographic and climate change pose major challenges for public finances. This article deals with the implications of demographic trends in Switzerland, i.e. the progressive ageing of the population and its impact on the country's public...

President Joe Biden faces some political and economic headwinds in the upcoming U.S. midterm elections this year. Current economic challenges include historically high inflation rates and signs of an impending recession. [...] This paper gives a critical overview of the political and economic...