The EU Budget Dispute - A Blessing in Disguise? [PDF]
This paper analyses the European budget and the net position of the ten new member states. We argue that the EU budget should be reconsidered, as the Union has expanded to 25 member states and has become more heterogeneous. We demonstrate how the ten new
Ondrej Schneider
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U.S. Unemployment Duration: Has Long Become Longer or Short Become Shorter? [PDF]
The U.S. labor market has been experiencing unprecedented high average unemployment duration. The shift in the unemployment duration distribution can be traced back to the early nineties.
Pedro Portugal
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Central Bank Losses and Economic Convergence [PDF]
This paper discusses the issue of central bank losses, developing a framework for assessing the ability of a central bank to keep its balance sheet sustainable without having to default on its policy objectives.
Jaromir Hurnik +2 more
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Determinants of House Prices in Central and Eastern Europe [PDF]
This paper studies the determinants of house prices in eight transition economies of Central and Eastern Europe (CEE) and 19 OECD countries. The main question addressed is whether the conventional fundamental determinants of house prices, such as GDP per
Balazs Egert, Dubravko Mihaljek
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Inflation Persistence in New EU Member States: Is It Different Than in the Euro Area Members? [PDF]
Is inflation persistence in the new EU Member States (NMS) comparable to that in the euro area countries? We argue that persistence may not be as different between the two country groups as one might expect. We confirm that one should work carefully with
Branislav Saxa +2 more
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Perception is Always Right: The CNB’s Monetary Policy in the Media [PDF]
In this paper we analyze the favorableness and extent of the media coverage of the CNB’s monetary policy decisions in the period of 2002–-2007. We identify the factors explaining the variance in these two dimensions using an extensive set of articles ...
Branislav Saxa, Jiri Bohm, Petr Kral
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Sustainable Real Exchange Rates in the New EU Member States: What Did the Great Recession Change? [PDF]
The Great Recession affected export and import patterns in our sample of new EU member countries, and these changes, coupled with a more volatile external environment, have a profound impact on our estimates of real exchange rate misalignments and ...
Ales Bulir +2 more
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Anatomy of the Czech Labour Market:From Over-Employment to Under-Employment in Ten Years? [PDF]
In this volume we investigate the macroeconomic aspects of labour market behaviour and its microfoundations. In the first part we deal with aggregate labour market trends and issues relevant to macroeconomic policy.
Daniel Munich +9 more
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Housing Price Bubbles and their Determinants in the Czech Republic and its Regions [PDF]
This working paper, based on an empirical analysis, discusses factors affecting property prices and tries to identify periods of property price overvaluation by three approaches: using simple ratios related to house prices (price-to-income and price-to ...
Lubos Komarek, Michal Hlavacek
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Macroeconomic Adjustment to Monetary Union [PDF]
The move to monetary union in Europe led to convergence of interest rates among the participating countries. This was associated with notable cross-country differences in the behaviour of key macroeconomic aggregates.
Gabriel Fagan, Vitor Gaspar
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