The International Seminar on Macroeconomics has met annually in Europe for thirty years. The papers included in this volume discuss defaults, underwriters, and sovereign bond markets between 1815 and 2007; openness and the rise and fall of stock market correlations between 1890 and 2001; systemic risk taking and the U.S. financial crisis; the Feldstein-Horioka fact; the puzzle of the real exchange rate of nontradable goods; and methods of assessing external equilibrium in low-income countries.

The European Union celebrated its 60th anniversary in 2017, but celebrations were muted by Brexit and the growing sense of a crisis of identity. However, as this seminal work shows, the history and ambition of the European Union are considerable. Written by key stakeholders who, between them, acted as architects, adjudicators and arbitrators of the project, it presents the definitive history of the first two generations of the European Union. This book revisits the birth and consolidation of the great project of a united Europe and the political, institutional, judicial and economical frameworks of the European Union: from the process towards integration, to the advancements and the impasses in building a political union.

The International Seminar on Macroeconomics has met annually in Europe for thirty years. The papers included in this volume discuss defaults, underwriters, and sovereign bond markets between 1815 and 2007; openness and the rise and fall of stock market correlations between 1890 and 2001; systemic risk taking and the U.S. financial crisis; the Feldstein-Horioka fact; the puzzle of the real exchange rate of nontradable goods; and methods of assessing external equilibrium in low-income countries.

The International Seminar on Macroeconomics (ISoM) has met annually in Europe for thirty years. The papers included in the 2006 volume discuss the relationship between prices and productivity in the OECD; monetary policy impact on inflation and output; implications of rising government debt; the relationship between consumption and labor market tightness; variation in real wages over the business cycle; production sharing and business cycle synchronization in accession countries; and, pension systems and the allocation of macroeconomic risk.The 2007 papers discuss interest-setting and central bank transparency; expectations, monetary policy, and traded good prices; public investment and the golden rule; the role of institutions, confidence, and trusts in financial integration within EU countries; international portfolios with supply, demand, and redistributive shocks; transmission and stabilization in closed and open economies; capital flows and asset prices; and, welfare implications of financial globalization without financial development.