We investigate the impact of the recent global recession on European countries and regions. We first identify the heterogeneous impact of the global recession on individual European countries and regions. We then discuss three classes of explanations for spatial heterogeneity in the severity of...

We analyse the rich literature on FDI spillovers analysing econometric studies published over 1983-2010 and dealing with national studies in 30 developing countries and emerging markets. We find that these studies ignore two sources of heterogeneity: exports and - especially - R&D. Our...

The focus of this paper is on the use of the yield curve in monetary policy making. Theoretical arguments and a multi-country empirical analysis with an explicit focus on the euro area suggest the need for caution in case the Eurosystem uses the yield curve as an information variable for...