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Smets and Wouters (2003) find that at short- and medium-term horizons stochastic variations in the goods market mark-up are the most important source of inflation variability in the euro area. This article shows that an empirically plausible alternative interpretation is that the estimated price...
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This paper summarises the key findings of a recent study on the impact of Eastern Enlargement of the European Union (EU … affect labour markets in the EU, namely i) trade, ii) foreign direct investment, and iii) migration. A main conclusion of the … the long-run stock of immigrants from the CEECs-10 in the EU will increase from 0.85 in 1998 to a peak of 3.9 million …
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This paper discusses the eastward enlargement process of the EU in the framework of a simple war of attrition … bargaining game. Both players - the existing EU members and the applicants - benefit from enlargement, yet for the applicants … reform to the acquis is costly, while the EU prefers substantially reformed candidates. A waiting game unfolds. Within this …
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