Release Date: October, 2006

U.S. shocks explain a large part of French output common components. This paper analyzes the economic implications of two alternative welfare financing reforms: a reduction in payroll taxes funded by more...

Release Date: August, 2004

The staff report on Euro Area Policies highlights cyclical growth developments and risks. The area’s real GDP growth has picked up, responding to strong foreign demand and relaxed financial more...

Release Date: August, 2004

This Selected Issues paper on Euro Area Policies underlies global rebalancing of accounts. From a growth-accounting perspective, slower growth in the capital-labor ratio seems to be the main driver more...

Release Date: September, 2003

An important aim of this paper is to take shifts in the long-term anchor in the empirical specifications. The study examines exchange-rate pass-through and external adjustment in the euro area. The more...