This paper compares monetary and economic developments in Sweden and Finland during the period 1914-1939. Both countries experienced high monetary growth and high rates of inflation as a result of wartime events. At the return of peace, they were faced with a choice of either deflation or...

We examine Gray´s theory of endogenous length of wage contracts and inflation indexation, using a uniquely long data set of blue-collar worker collective agreements in Sweden 1908-1995. Volatile monetary regimes, i. e. regimes with large macroeconomic uncertainty, are associated with short...

The recent financial crisis 2007-2009 was the longest and the deepest recession since the Great Depression of 1930. The crisis that originated in subprime mortgage markets was spread and amplified through globalised financial markets and resulted in severe debt crises in several European...

The introduction of the euro as a currency in physical existence in January 2002 was a major step in the European integration process. The purpose of this paper is to explore how a representative selection of 12 000 Europeans across all countries in the euro area view the effects of the euro...

(Papers presented at the 4th Annual Research Conference, 11-12 October 2007) This volume contains nine papers presented at the 4th DG ECFIN Annual Research Conference held in October, 2007 in Brussels on the theme: Growth and income distribution in an integrated Europe: Does EMU make a...

This paper explores the anatomy of the boom, deep depression and recovery in the Finnish and Swedish economies in the period 1985-2000. These fifteen years are divided into three phases: (1) financial liberalization and the boom and the overheating of 1985-90, (2) the outbreak and spread of the...

The evidence from several euro-area countries demonstrates the existence of a forecast bias in the budgetary process, which negatively affects fiscal performance. To remedy this bias, we suggest that forecasting should be assigned to an authority independent from the ministry of finance and the...