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Conference Paper
Economic policy for the information economy : overview

Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
Summary of Bank's 1990 Economic Symposium

Economic Review , Volume 75 , Issue Sep , Pages 9-22

Conference Paper
The structure and regulation of insurance markets in Europe

Conference Series ; [Proceedings] , Volume 35 , Pages 165-198

Conference Paper
Rethinking partnership in development policies : lessons from a European policy experiment

Proceedings – Rural and Agricultural Conferences , Issue Sep , Pages 155-176

Discussion Paper
The Vanishing U.S.-E.U. Employment Gap

The employment-to-population ratio—the share of adults that are employed—has historically been much higher in the United States than in Europe. However, the gap narrowed dramatically in the last decade and had almost disappeared by the end of 2009. In this post, we show that the narrowing employment gap is due to three factors: declining U.S. employment rates across almost all age-gender groups; more women working in Europe, particularly prime-age and older workers; and rising employment for older European men. We link most of these shifts to the influence of underlying trends (many ...
Liberty Street Economics , Paper 20110725

Discussion Paper
Back to the Future: Revisiting the European Crisis

Recent financial developments are calling into question the future of regional economic integration. Market confidence deteriorates across countries in a contagious way. The place is Europe, the time is . . . now? Or twenty years ago? In fact, in the early 1990s Europe went through a systemic crisis that displays remarkable similarities to today’s events. In this post, we go back to those momentous times and briefly recall how the last Europe-wide crisis started, unfolded, and concluded. The 1992 crisis was eventually resolved, suggesting that there may be some light at the end of the ...
Liberty Street Economics , Paper 20111017

Journal Article
E pluribus EMU? how will Europe cope with a single currency?

Regional Review , Volume 8 , Issue Q 4 , Pages 12-17

European integration and asymmetry in the EMS

The empirical literature offers conflicting views of German dominance in the European Monetary System. We examine the validity of the German dominance hypothesis (GDH) by analyzing the responses of the European central banks and the money markets to monetary innovations originating both in Europe (European asymmetry) and abroad (international asymmetry). Our results reconcile the conflicting views in the literature. The GDH is confirmed when the analysis is conducted with intervention rates before the German unification. Results support European asymmetry with short rates before 1990 but not ...
Research Paper , Paper 9605

Debt and deficit ceilings, and sustainability of fiscal policies: an intertemporal analysis

In this paper, we examine the likely consequences for the sustainability of fiscal policy of pursuing goals that rely on restrictive ceilings on deficits and debt. We provide a formal theoretical framework for analyzing the sustainability of fiscal policy based on the government intertemporal budget constraint and derive conditions that determine whether a given fiscal stance is sustainable. This framework generalizes the existing literature in several important respects. We allow for time-varying interest rates, for the primary deficit to be endogenous, for a finite planning horizon suitable ...
Research Paper , Paper 9615

Working Paper
Eurosystem monetary targeting: lessons from U.S. data.

Using a small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with both higher inflation and output variability. This is true even with a deterministic money demand formulation. In this framework, there is thus no support for the prominent role given to money growth in the Eurosystem's monetary policy strategy.
Working Paper Series , Paper 99-13


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