No abstract

For a review of fiscal policies in the EMU member states during the 1990s see Hughes-Hallett, Strauch and von Hagen (2001). 2 In addition to the Euro system, there is also the European System of Central Banks (ESCB), which consists of the ECB and the NCBs of the European Union member states. 3 The following data are from European Commission, European Economy Statistical Appendix Fall 2000. EMU started with Austria,

In this paper we examine to what extent developing countries export more as a result of having the official Least Developed Country (LDC) status. We estimate a gravity model of trade over the period 1973-2013, in which identification is achieved by exploiting the particularities and asymmetries of 'inclusion' and 'graduation' criteria of LDC status. As mechanisms through which LDCs might benefit, we evaluate the effectiveness of individual trade preference schemes for LDCs of the

Mono‐ or biscatechol esters with ether‐type substituents or spacers form either triple lithium bridged dimeric helicates or triple stranded helicates with the ability to bind three lithium cations in their interior. Hierarchical helicates with ether or thioether substituents show in solution a monomer‐dimer equilibrium which is independent of the heteroatom in the ester substituent. However, dimerization constants are significantly lower than for corresponding alkyl derivatives. Dinuclear helicates with oligoether spacers are well obtained in the presence of lithium cations. Upon removal of the cations the helicates expand and successive addition of LiCl results in compression again.

In this paper it is shown that money can matter for macroeconomic stability under interest rate policy when transactions frictions are non-negligible. We develop a sticky price model with a shopping time function, which induces the marginal utility of consumption to depend on the (predetermined) stock of money held at the beginning of the period. Equilibrium stability and uniqueness are then ensured by a passive interest rate policy, whereas activeness is associated with an explosive equilibrium. By reacting to changes in beginning-of-period real balances, the central bank can restore stability. Interest rates further depend on lagged real balances even if the central bank acts in an entirely forward-looking way, as under discretionary optimization. If the model is revised such that end-of-period money provides transaction services, money can in principle be neglected for a stabilizing interest rate policy. Discretionary monetary policy is, however, likely to be associated with equilibrium indeterminacy, which can be avoided if interest rates are set contingent on beginning-ofperiod real balances. r