The current financial and economic crisis has highlighted the inadequacy of existing institutional and policy arrangements at the EU level. Even before this crisis, the EU economic growth was low, by international standards, revealing deep structural problems across EU countries, especially in...

The paper examines the inflation targeting regime in the context of transition economies. Recent years have witnessed an increasing number of central banks in these countries moving towards the implementation of inflation targeting regimes. However, the success of such a regime depends largely...

A combination of cyclical and structural factors has lead to a situation which could threaten financial stability worldwide. As the current financial turmoil is unfolding it becomes clearer that the effects of the initial sub-prime crisis, which originated in the US, are spreading across other...

The emergence of the financial crisis back in 2007 exposed a series of deficiencies in the way the European mechanisms functioned, highlighting the incomplete policy design of the EMU (Economic and Monetary Union). Thus, it became evident that financial integration, financial stability and...

Previous attempts at modelling current observed endogenous financial variables in a macroeconomic model have concentrated on only one observed endogenous variable – namely the short-term rate of interest. The solution method for dealing with more than one observed endogenous variable has thus...

This paper examines whether the states brought together in the Italian monetary union of the nineteenth century constituted an optimum monetary area, either before or after unification. Interest rate shocks indicate close relations between states in northern Italy but negative correlations...

This survey outlines the characteristics and drivers of the phases of European industrial policy over the last century and attempts some conclusions about policy impacts. The first liberal phase and the second, ultimately autarkic, phase were ended by war. The third phase terminated with the oil...

We construct a Dynamic Stochastic General Equilibrium model of the interaction between demography and the economy for six centuries of English history. At the core of the four overlapping generations, rational expectations model is household choice about target number and quality of children, as...

Both analysis of international trade and the knowledge resource theory of the firm imply that language skills should play a vital role in exporting. This may be apparent to large multinationals with sites in many different linguistic locations, but we show it is less obvious to smaller...