Official adjustments of the budget balance to the cycle assume that the only category of gov-ernment spending that responds automatically to the cycle is unemployment compensation. But estimates show otherwise. Payments for pensions, sickness, subsistence, invalidity, childcare and subsidies of...

The process of monetary integration in Europe began amid widespread skepticism among economists about the project. But today the success of the euro has prompted a reconsideration of whether monetary unions should be implemented elsewhere. This CESifo volume assesses contemporary theoretical and...

Any test of the monetary approach centered on the period of fixed exchange rates would now be predominantly of historical interest. At the time of this study, however, experience with flexible exchange rates was still too short to permit concentrating econometric analysis exclusively on this...

This article aims to explain the British money stock and to shed general light on the British monetary system. The money stock does not depend strictly on popular preferences outside the banks and the authorities. Regulations do not permit the British banks to take an uncovered position in a...

The paper proposes a general model that will encompass trade and social benefits of a common language, a preference for a variety of languages, the fundamental role of translators, an emo-tional attachment to maternal language, and the threat that globalization poses to the vast ma-jority of...

The paper proposes a general model that will encompass trade and social benefits of a common language, a preference for a variety of languages, the fundamental role of translators, an emotional attachment to maternal language, and the threat that globalization poses to the vast majority of...

[eng] A New Empirical Evaluation of the Costs of European Monetary Union by Hélène Erkel-Rousse and Jacques Mélitz . This paper presents an evaluation of the costs of European Monetary Union (EMU) using the structural VAR approach. This approach is based on a model identifying structural...

We examine proposals to introduce national insurance against unevenly distributed shocks in the European Community. This insurance would operate differently from tax and government spending activities that now yield regional insurance within countries, since these activities are mainly designed...