This paper uses a semi-endogenous growth model to identify possible sources for three interrelated stylised differences between the EU and the US, namely a higher level of productivity and knowledge investment and larger skill premia in the US compared to the EU. The model allows the authors to explain these ...Download Now
Until the early 1990s, the discussions on fiscal policy primarily largely centered on the functions of economic stabilization, income redistribution and resource allocation. Long-term growth was not usually viewed as an end by itself, and fiscal policy was often not sufficiently tailored to the different circumstances and priorities of countries ...Download Now
The authors study the impact of the introduction of the European Monetary Union on inflation uncertainty. Two groups of economies, one consisting of three European Union members which are not part of the EMU and one of six OECD member economies, are used as control groups to contrast the effects ...Download Now
This paper calibrates the Roeger-Varga-Veld (2008) micro-founded DSGE model with endogenous growth for all EU member states using country specific structural characteristics and employs the individual country models to analyze the macroeconomic impact of various structural reforms. The authors use the country models to analyze the costs and benefits of ...Download Now
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