This paper provides evidence that unemployment rates across US states are stationary and therefore behave according to the natural rate hypothesis. We provide new insights by considering the effect of key variables on the speed of adjustment associated with unemployment shocks. A...

Als weiterer Redner beim 3. Munich Economic Summit äußerte sich Prof. Giuseppe Bertola, Universitá di Torino, zu den aus seiner Sicht notwendigen Reformen in Europa. Er unterstrich in seinem Vortrag vor allen Dingen, dass nicht nur die Arbeitsmärkte, sondern auch andere Bereiche reformiert...

We study the Gilets jaunes movement, which blocked most of France off in November 2018. We first analyze the complementarity/substitutability between the different forms of mobilization and find that blockades were planned online and later reinforced online activism. Second, we do textual...

This article analyzes the role of trade and financial integration, productive specialization and monetary policies in the synchronization of business cycles in North America from a long-run perspective. For this purpose, we estimate seemingly unrelated regression (SUR) models and Granger...

The world is witnessing growing turbulence stemming from geopolitics and a tangible threat of economic disintegration. There are some indications of globalization in retreat, international trade growth slowing down and a transition from optimizing efficiency of global value chains towards...

We estimate cross-border spillover effects of fiscal consolidation episodes on output, bilateral trade flows, interest rate, and the exchange rate, employing the new IMF action-based fiscal consolidation data. Results indicate a negative effect of foreign fiscal consolidation policies on...

In this paper it is argued that the restructuring following the stiffer competition stemming from increased global integration will trigger a race between countries to attract inward foreign direct investment (FDI). It is further argued that this race consists of last minute efforts and...

In this article, we study the effects of geopolitical risks and world uncertainty on time-varying fiscal and external sustainability coefficients. We use Schlicht's (2021) methodology to estimate time-varying fiscal and external sustainability coefficients for the EU for 27 economies between...

The paper analyzes one important aspect of the constitutional debate: the allocation of econornie competences between the EU and the mernber states. It takes the theory of fiscal federalism as a starting point for an optimal allocation of economic competences. The main message of the theory is...