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This study explores office market cycles based on five office market indicators. We analyze time series of yield, take-up, vacancy, rent and new supply on a worldwide database, which is more detailed than any other used previously, as it comprises of data about nearly one hundred cities. Yields and rents prove to have the least volatile time series, while new supply, vacancy and take-up showed much greater variability in the analyzed markets. During the investigation of the lead-lag relationships among office market indicators, we found that vacancy and take-up followed the changes in yields within about 3-4 months. Rents and new constructions responded much slower, after approximately one year. We also conducted our analysis using turning point identification besides commonly used methods.

Built upon data from 11 subsequent waves of yearly wage surveys carried out by the National Labour Center in Hungary from 1992 to 2003, the paper examines, with the use of elementary statistical tools, whether or not earnings fluctuations differed in size among groups of employees with different degrees of schooling and experience, and if they did, whether the observed differentials might be related to differences in the respective experience/earnings profiles of those groups. Findings suggests that earnings fluctuations did differ in size across those groups, and that, moreover, they appear to have done so in association with group-specific experience/earnings profiles. Assuming that differences in the observed size of earnings fluctuations are at least partly due to differences in the flexibility/rigidity of the attained market rates of earnings, and that flexibility/rigidity of those rates is a determinant of unemployment, it seems reasonable to suspect that long-discovered systemic differences in unemployment across groups with different degrees of schooling and experience (and, perhaps, across countries as well) might also be related in part to the particular shapes of their experience/earnings profiles.

A cikkben a szerzõk azt vizsgálják, hogy az EU-hoz 2004 óta csatlakozott tizenkét új tagállam az euróövezethez való csatlakozás szempontjából milyen mértékben felel meg az optimális valutaövezet elmélete (Optimal Currency Area, OCA) által támasztott kritériumoknak. Fõ következtetésük az, hogy e kritériumoknak való megfelelés terén az új tagok helyzete nem rosszabb, sõt több esetben még jobb is, mint a régieké. Ezért e feltételeknek való megfelelés az új tagállamokban önmagában nem akadályozza az euró bevezetését. Ezt azon empirikus tanulmányok is megerõsítik, amelyek kimutatták, hogy a valutaövezeti tagság önmagában is hozzájárul a gazdasági ciklusok együttmozgásához és a pénzügyi integrációhoz, illetve hogy a fiskális fegyelem, amelyet az EU felügyeleti struktúrája testesít meg, erõsíti az optimális valutaövezeti endogenitást az euróövezetben, csökkentve az országspecifikus fiskális sokkok kialakulásának esélyét.