In their introduction to the special issue of the Review of Economic Dynamics on "Great Depressions of the 20th Century" (Vol. 5, 2002), Timothy J. Kehoe and Edward C. Prescott argue that in the last few years "great depressions" have hit two rich countries: New Zealand and Switzerland. We...

We test a simple model of exchange rate regime choice with data for non-OECD countries covering the period 1980-94. We find the variance of output at home and in potential target countries as well as the correlation between home and foreign real activity are powerful and robust predictors of...

This paper examines how the pass-through of monetary policy measures in 6 EMU countries has evolved over time and whether there is convergence in monetary transmission. The countries included are: Belgium, France, Germany, Italy, the Netherlands and Spain, and the sample period is 1980-2000. We...

The purpose of this paper is threefold. First, we survey the way in which the tax burden on labour has been proxied for in recent multi-country macro-economic studies. Second, we criticalyy evaluate these proxies. Finally, we examine to what extent the conclusions of some studies change if some...