This paper looks at the evolution of consumption theory over time and critically examines the widely accepted permanent income / life cycle hypotheses concerning consumer behaviour in terms of the empirical evidence. Attention is also devoted to the role of time horizon, time preference and...

This paper looks at the notion of a NAIRU (non-accelerating inflation rateof unemployment) and asks whether it continues to stand up to rigorous analysis in terms of both its theoretical underpinnings or of its empirical applicability.

Life expectancy, fertility rates and migration flows are the key determining factors underlying all population projections. The share of elderly people in the overall population is presently of the order of 15 percent in the EC, US, and Japan. This paper examines the economic implications of...

The present communication intends to provide a comprehensive assessment of the impact of the changeover to the Euro at the Community level andthe resulting affect on Member States. It reflects the outcome of preparatory work within the Commission , involving each of its services, and of contacts...

These texts are an addendum to the texts originally published as Europaper No 7 "Compilation of community legislation and related documents", and should be read in conjunction with that work. A definitive version of the compilation will be published later in the year.

As from 1 January 1999, the competence for monetary policy, exchange rate policy and currency law for the Member States which adopt the single currency will be transferred to Community level. The monetary policy of the Euro area will be defined and implemented by the European System of Central...

The second report of the Giovannini Group "The EU Repo Markets: Opportunities for Change" was submitted to the European Commission on 26 October 1999. This report looks at the repo markets in the EU and highlights those areas that are most clearly in need of reform. The report offers practical...

the conculsions presented in the paper summarise the ideas of the a conference which aim was to to compare the situation of stock markets dedicated to innovative high-growth companies in Europe to the situation in the USA and to draw some lessons on what should be done to create an appropriate...

The paper discusses the impact of EMU on the 12 Mediterranean partner countries. It argues that the introduction of the euro is likely to have a positive, albeit limited, impact on the region. The Mediterranean partners will benefit from a more predictable and transparent external environment...