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Do automatic stabilisers take care of asymmetric shocks in the euro area?
(Valtion taloudellinen tutkimuskeskus VATT, 2000-12-01)
This paper deals with the question whether the automatic fiscal stabilisers are strong enough to solve the problem of asymmetric shocks in the Euro area. The question is important for many reasons, for instance in terms ...
How Sensitive is the Public Budget Balance to Cyclical Fluctuations in the EU?
(Valtion taloudellinen tutkimuskeskus VATT, 2000-10-09)
This paper discusses the fiscal behaviour of EU countries in 1972-1999. It attempts to find out how deficits adjust to changes in interest rates and output growth by examining the hypothesis that the reaction of deficits ...
Modelling Crime and Punishment
(Valtion taloudellinen tutkimuskeskus VATT, 2000-12-31)
This paper provides an extended supply of labour model which allows for different intensities of legal and illegal (criminal) activities and in which criminal activities may be considered both as work and leisure. Heterogeneity ...
Cross-country Evidence on a Nonlinear Okun Curve
(Valtion taloudellinen tutkimuskeskus VATT, 2000-12-31)
This paper presents cross-country evidence on a nonlinear Okun curve. The analysis is based on a simple error-correction model of unemployment. The model is estimated using a threshold model estimator. Evidence from 20 ...