There has been much discussion of the differences in macroeconomic performance and prospects between the US, Japan and the euro area. Using Markov-switching techniques, in this paper we identify and compare specifically their major business-cycle features and examine the case for a common...

A number of authors have attemted to test whether the U.S. economy is in a determinate or an indeterminate equilibrium. We argue that to answer this question, one must be impose a priori restrictions on lag length that cannot be tested. We provide examples of two economic models. Model 1...

This paper analyses the information content of M1 for euro area real GDP since the beginning of the 1980s and reviews theoretical arguments on why real narrow money should help predict real GDP. We find that, unlike in the U.S., in the euro area, M1 has better and more robust forecasting...

In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price rigidities. Then, it estimates a set of structural parameters...

We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight...

The 2017 European Migration Network (EMN) Annual Policy Report on Asylum and Migration provides a summary of the most important developments and changes in the fields of migration, asylum and integration during the year 2017. In making its migration policy, the Czech Republic continues to apply...

The overall aim of the Study is to inform the EMN’s target audiences (e.g. practitioners, policy officers and decision-makers at both EU and national level including academic researchers and the general public) on Member states’ approaches to unaccompanied minors following a final decision...

The paper proposes a multi-factor international asset pricing model in which the exchange rate is allowed to be co-determined by a risk factor imperfectly correlated to other priced risks in the economy. The significance of this factor can be established as long as one is able to observe a proxy...

Although the Visegrád Four countries often defended the same or similar positions in the European Convention, their views differed on many important issues. This situation is likely to be repeated at the upcoming Intergovernmental Conference. This basically confirms the tendency that can be...