This paper addresses the effects of the European Economic and Monetary Union (EMU) since the introduction of the euro on economic and financial structures, institutions and performance. What type of changes is the euro fostering? What forces is it setting in motion that were not there before?...

This paper studies the joint behaviour of inflation and unemployment in Spain over the period 1964–95 in order to estimate dynamic Phillips trade-offs and sacrifice ratios in response to a demand shock. We organize our empirical approach as a structural (albeit eclectic) one. In so doing, we...

A short overview of the organisation of research in the Eurosystem and in the ECB is provided in the paper together with some preliminary, tentative evidence on the research output. Given that the ECB was created only on 1 June 1998, and the lags associated with publication in journals, the...