Flexibility versus Stability: A difficult trade-off in the eurozone. CEPS Working Document No. 422, 29 April 2016

Optimal currency area (OCA) theory has been influential in pushing eurozone countries towards structural reforms to make product and labour markets more flexible. The underlying assumption of the OCA prescription for structural reform is that asymmetric shocks are permanent. However, when shocks are temporary it does not follow that more flexibility is the answer. When shocks are the result of business-cycle movements, the way to deal with them is by stabilisation efforts. This paper provides empirical evidence that suggests that the biggest shocks in the eurozone were the result of business-cycle movements. These were relatively well synchronised, except for their amplitude. We argue that efforts to stabilise business cycles should be strengthened relative to the efforts that have been made to impose structural reforms, with consideration given to the implications for the governance of the eurozone.

Three Essays on the Economics of International Migration [electronic resource].

requirements for Filipino performing artists, effectively closing this migration channel. I employ a difference-in-differences estimation strategy using the share of performing artists at baseline in each Philippine province as a continuous policy variable. International migration falls in response to the policy change by 1.2%. The effect on international migration is larger than the policy change itself would suggest, indicating the importance of spillovers across migrant occupations. Domestically, more children are employed, and adults are more likely to be unemployed or engaged in short-term work.

International trade and the national income multiplier.

Includes bibliography.

International trade and the national income multiplier,

Mode of access: Internet.

International trade and the national income multiplier.

Bibliographical footnotes.

Depression and recovery,

"Selected bibliography of recent literature": p. 289-292.

The economics of disturbance.

Errata slip inserted.

Money, debt and economic activity.

Includes bibliographical references.

An econometric model of the American minor cycle,

Bibliography: p. 30-34.

Iron and steel cycle in the United States, England and Germany,

Typewritten.

The cotton consumption cycle,

Typewritten.

Konjunktur und Geldmarkt, 1902-1908 : eine Untersuchung der Wechselwirkung beider in Deutschland /

Includes bibliographical references.

Economic fluctuations and forecasting.

Includes bibliography.

Anticipations, uncertainty, and dynamic planning.

Bibliographical footnotes.

Economic policy and full employment,

"Companion volume to ... [the author's] Fiscal policy and business cycles."-Pref.