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Journal Article
Integration and globalization: the European bellweather
The European Union owes its very existence to the economic integration that defines today?s increasingly global economy. From the ashes of World War II, six core European nations forged a coal-and-steel community designed to foster industrial competitiveness. Over time, the nations realized that a common market would best promote European growth, and the mission gradually broadened to include the general goal of ever-closer union. ; Successive waves of integration raised membership to 15 countries a decade ago, then to 25 today, with Turkey and several other nations eager to join in the near ...
Journal Article
Ties that bind
The pact to ensure fiscal stability in Europe's monetary union might soon be loosened. Not good, say economists at the Minneapolis Fed
Journal Article
Potential output in a rapidly developing economy: the case of China and a comparison with the United States and the European Union
The authors use a growth accounting framework to examine growth of the rapidly developing Chinese economy. Their findings support the view that, although feasible in the intermediate term, China's recent pattern of extensive growth is not sustainable in the long run. The authors believe that China will be able to sustain a growth rate of 8 to 9 percent for an extended period if it moves from extensive to intensive growth. They next compare potential growth in China with historical developments in the United States and the European Union. They discuss the differences in production structure ...
Discussion Paper
How Has Germany's Economy Been Affected by the Recent Surge in Immigration?
Germany emerged as a leading destination for immigration around 2011, as the country's labor market improved while unemployment climbed elsewhere in the European Union. A second wave began in 2015, with refugees from the Middle East adding to already heavy inflows from Eastern Europe. The demographic consequences of the surge in immigration include a renewed rise in Germany's population and the stabilization of the country's median age. The macroeconomic consequences are hard to measure but look promising, since per capita income growth has held up and unemployment has declined. Data on ...
Journal Article
Will a common European monetary policy have asymmetric effects?
This article reviews the evidence on differences in the transmission of monetary policy across European countries. The authors argue that the existing evidence, based almost exclusively on macroeconomic data, does not allow one to decide whether a common monetary policy will have asymmetric effects. A first peek at microeconomic data suggests this may be a promising route for further work.
Speech
The global economy and the european sovereign debt crisis
July 10, 2012. Speech. "The Global Economy and the European Sovereign Debt Crisis." Delivered at the OMFIF Golden Series Lecture, London. Related news articles.
Working Paper
Borders and business cycles
We document that business cycles of U.S. Census regions are substantially more synchronized than those of European Union countries, both over the past four decades and the past two decades. Data from regions within the four largest European countries confirm the presence of a European border effect --within-country correlations are substantially larger than cross-country correlations. These results continue to hold after controlling for exogenous factors such as distance and size. We consider the role of four factors that have received a lot of attention in the debate about EMU: sectoral ...
Conference Paper
Banking regulation in the European Union: some issues and concerns
Journal Article
The new paradigm in Europe: is Goldilocks going global?