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How To Get Rid Of Germany’s Excessive Current Account Surplus

Horn, Gustav, (2017), «How To Get Rid Of Germany’s Excessive Current Account Surplus», Social Europe, 26 Ιουνίου The demand is frequently made that wages in Germany should grow more strongly than up till now. The hope is that this would raise the price of exports and, thereby, foreign demand for German goods would drop. This alone would reduce the surplus in the current account. There would be an even stronger effect …Read More

Unemployment insurance and reservation wages

Le Barbanchon, Thomas, Rathelot, Roland, Roulet, Alexandra, (2017), «Unemployment insurance and reservation wages», Vox Eu, 27 Ιουνίου Pinpointing the right level of generosity of an unemployment insurance system is a delicate exercise. The main objective of the unemployment system is to provide insurance for workers who lose their jobs. The system should be generous enough to smooth income shocks and allow workers to look for a job when economic conditions …Read More

Understanding The Productivity Puzzle

Davies, Howard, (2017), «Understanding The Productivity Puzzle», Social Europe, 26 Ιουνίου According to the UK’s Office for National Statistics, output per hour in France was 14% lower in 2015 than it would have been had the previously normal trend growth rate been matched. Output was 9% lower in the United States and 8% lower in Germany, which has remained the top performer among developed economies, albeit only in relative terms. …Read More

Economic Bulletin Issue 4

European Central Bank, (2017), «Economic Bulletin», Issue 4, Ιούνιος At its monetary policy meeting on 8 June 2017, the Governing Council concluded that a very substantial degree of monetary accommodation is still needed for underlying inflation pressures to build up and support headline inflation in the medium term. The information that has become available since the previous monetary policy meeting in late April confirms a stronger momentum in the euro …Read More

Financial globalisation, monetary policy spillovers and macro-modelling: tales from 1001 shocks

Georgiadis, Georgios, Jančoková, Martina, (2017), «Financial globalisation, monetary policy spillovers and macro-modelling: tales from 1001 shocks», ECB, Ιούνιος A salient feature of the global economy since the 1990s has been the dramatic rise of financial globalisation. Whether measured by capital flows or indicators reflecting the extent of legal capital account restrictions, economies’ financial markets have been exhibiting an increasing degree of interdependence. As a result, the global economy has become …Read More

Πώς η Κύπρος κατάφερε να βγει από την κρίση ενώ η Ελλάδα όχι ακόμη

Παπαδόγιαννης, Γιάννης, (2017), «Πώς η Κύπρος κατάφερε να βγει από την κρίση ενώ η Ελλάδα όχι ακόμη», Η Καθημερινή, 25 Ιουνίου Με τον υψηλότερο ρυθμό οικονομικής ανάπτυξης, τη μεγαλύτερη άνοδο απασχόλησης στην Ευρώπη και τις επιχειρήσεις να αναπτύσσονται δυναμικά, η αυτοπεποίθηση και η αισιοδοξία σε όλη την Κύπρο είναι έκδηλες: «Ανεβαίνουμε»! Σχετικές Αναρτήσεις Η Καθημερινή, (2017), «Με επιτόκιο μόλις 2,8% δανείστηκε η Κύπρος μέσω 7ετούς ομολόγου», 21 Ιουνίου Capital.gr, (2017), …Read More

Europe’s Banking Union Is Dying in Italy

Giugliano, Ferdinando, (2017), «Europe’s Banking Union Is Dying in Italy», Bloomberg View, 23 Ιουνίου The Italian government looks set to put Veneto Banca and Banca Popolare di Vicenza, two troubled regional lenders, into liquidation, selling off the good assets to a rival bank for a symbolic price. The toxic assets would be transferred to a bad bank, mostly funded by the government. Shareholders and junior bond-holders would contribute to the …Read More

The EU Macroeconomic Imbalance Procedure: Some impact and no sanctions

Bricongne, Jean-Charles, Turrini, Alessandro, (2017), «The EU Macroeconomic Imbalance Procedure: Some impact and no sanctions», VoxEU, 22 Ιουνίου Since 2011, EU macroeconomic surveillance has aimed at preventing or correcting the type of imbalances that were responsible for the Global Crisis. Surveillance under the Macroeconomic Imbalance Procedure implies regular reports and policy recommendations monitored by the Commission, and the possible activation of economic sanctions. This column shows that, despite the procedure not having …Read More

Implications of the Expanding Use of Cash for Monetary Policy

Gros, Daniel, (2017), «Implications of the Expanding Use of Cash for Monetary Policy», Centre for European Policy Studies (CEPS), 20 Ιουνίου Financial innovation seems to have had little impact on the oldest medium of transaction, namely cash. The ratio of currency in circulation to GDP has increased in most countries, independently of the continuing spread of cashless transactions. Currency is part of the monetary base. Its increase thus leads to …Read More

When do countries implement structural reforms?

Da Silva, Antonio Dias, Givone,  Audrey, Sondermann, David, (2017), «When do countries implement structural reforms?» , ECB, Ιούνιος The objective of this paper is to investigate which factors ‐ macroeconomic, policy‐related or institutional  ‐ foster the implementation of structural reforms. To this objective, we look at episodes of structural reforms over three decades across 40 OECD and EU countries and link them to such factors. Our results suggest that structural reforms implementation is more …Read More

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