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Keywords:European Union 

Working Paper
Fiscal Federalism and European Integration: Implications for Fiscal and Monetary Policies

This paper examines European economic integration in light of standard thinking about fiscal federalism. We first describe the main features of European integration, analyzing how institutions in the European Union fit the prescriptions of a federal system. We find that in some areas the European Union has already developed arrangements that fit standard views of fiscal federalism, in other areas there is gradual movement toward prescribed arrangements, and in still other areas the European Union s unique historical path may suggest some interesting new departures in the federalism ...
International Finance Discussion Papers , Paper 0694

Speech
What the euro crisis means for taxpayers and the U.S. economy

Testimony before the Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, Committee on Oversight and Government Reform, U.S. House of Representatives.
Speech , Paper 71

Report
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 ...
Staff Reports , Paper 91

Working Paper
Investing for the long-run in European real estate

We calculate optimal portfolio choices for a long-horizon, risk-averse investor who diversifies among European stocks, bonds, real estate, and cash, when excess asset returns are predictable. Simulations are performed for scenarios involving different risk aversion levels, horizons, and statistical models capturing predictability in risk premia. Importantly, under one of the scenarios, the investor takes into account the parameter uncertainty implied by the use of estimated coefficients to characterize predictability. We find that real estate ought to play a significant role in optimal ...
Working Papers , Paper 2006-028

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 ...
Research Working Paper , Paper RWP 99-07

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.
Speech , Paper 203

Journal Article
An E.U. withholding tax?

International Economic Trends , Issue Nov

Working Paper
Irregular immigration in the European Union

Unauthorized immigration is on the rise again in the EU. Although precise estimates are hard to come by, proximity to nations in turmoil and the promise of a better life have drawn hundreds of thousands of irregular migrants to the EU in 2014-2015. Further complicating the ongoing challenge is the confounding flow of humanitarian migrants, who are fleeing not for a job but for their lives. Those who flee for better economic conditions are irregular migrants, not humanitarian migrants, but the lines between the two are often blurred. This policy brief surveys the state of irregular immigration ...
Working Papers , Paper 1603

Conference Paper
Banking regulation in the European Union: some issues and concerns

Proceedings , Paper 494

Working Paper
Trade and the (dis)incentive to reform labor markets: the case of reform in the European Union.

In a closed economy general equilibrium model, Hopenhayn and Rogerson (1993) find large welfare gains to removing firing restrictions. We explore the extent to which international trade alters this result. When economies trade, labor market policies in one country spill over to other countries through a change in the terms of trade. This reduces the incentive to reform labor markets. In a policy game over firing taxes between countries, we find that countries optimally choose positive levels of firing taxes. A coordinated elimination of firing taxes yields considerable benefits. This insight ...
Working Papers , Paper 04-18

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