In a world with imperfect competition, market externalities or asymmetric information, the impact of money and monetary policy on the real sector depends on the way money is created. Two conflicting views of money supply can be distinguished in the literature: the endogeneity view and the...

Despite similar levels of per capita income, education, and technology the development of labour shares in OECD countries has displayed different patterns since 1960. The paper examines the role of demography in this regard. Employing an overlapping generations model we first examine the...

Despite similar levels of per capita income, education, and technology the development of labour shares in OECD countries has displayed different patterns since 1960. The paper examines the role of demography in this regard. Employing an overlapping generations model we first examine the...

Government agencies and other national and international institutions are asked to perform forecasts over the medium term. In particular, the EU Stability and Growth Pact contains the obligation to formulate stability programmes over four years, covering a general economic outlook as well as the...