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The roles of economic integration and monetary policy in currency unions

A. Bertasiute, D. Massaro, M. Weber, (2018), «The roles of economic integration and monetary policy in currency unions», VoxEU, 7 Ιουλίου Macroeconomics has often been criticised for assuming rational expectations. Indeed, the assumption that all firms and consumers in an economy form their expectations in full awareness of all information and all underlying relationships in the economy is extremely unrealistic. Therefore, economists have started building macroeconomic models that are based …Read More

Currency unions mean more trade, but not for everyone

Natalie Chen, Dennis Novy, (2018), «Currency unions mean more trade, but not for everyone», VoxEU, 9 Ιουλίου Currency unions are an important institutional arrangement to facilitate international trade and reduce trade costs. In the period since WWII, a total of 123 countries have been involved in a currency union at some point. By the year 2015, 83 countries continued to be involved in one. In addition, various countries are considering …Read More

Assessing the macroeconomic impact of the EIB Group

European Investment Bank, (2018), «Assessing the macroeconomic impact of the EIB Group», Ιούνιος RHOMOLO is a recursively dynamic spatial computable general equilibrium model. It has been developed and maintained by the regional economic modelling team at the European Commission’s Directorate-General Joint Research Centre (DG JRC) in cooperation with the Directorate-General for Regional and Urban Policy (DG REGIO). It is used for policy impact assessment and provides sector-, region- and time-specific …Read More

Cryptocurrencies and monetary policy

G. Claeys, M. Demertzis & K. Efstathiou, (2018), «Cryptocurrencies and monetary policy», Bruegel, 28 Ιουνίου This Policy Contribution tries to answer two main questions: can cryptocurrencies acquire the role of money? And what are the implications for central banks and monetary policy? Money is a social institution that serves as a unit of account, a medium of exchange and a store of value. With the emergence of decentralised ledger technology …Read More

Intergenerational mobility across the world: Where socioeconomic status of parents matters the most (and least)

Ambar Narayan, Roy Van der Weide, (2018) «Intergenerational mobility across the world: Where socioeconomic status of parents matters the most (and least)», VoxEU, 2 Ιουλίου A society with high (relative) intergenerational mobility is one where an individual’s wellbeing, relative to others of his or her generation, is less dependent on the socioeconomic status of his or her parents. Arguably, there are two main reasons why higher relative mobility in a …Read More

EU financial services policy since 2007: crisis, responses and prospects

N. Veron, (2018), «EU financial services policy since 2007: crisis, responses and prospects», Bruegel, 21 Ιουνίου The decade-long sequence is divided into four themes, in broadly chronological order: the initial reaction to the 2007-08 financial shock; subsequent initiatives framed by political developments at the EU and G20 level; the banking union from mid-2012; and more recent events centred on the United Kingdom vote to exit the EU (Brexit). The analysis …Read More

Learning from mistakes: A ‘what if’ approach to assessing proposals for euro area reform

George Papaconstantinou, (2018), «Learning from mistakes: A ‘what if’ approach to assessing proposals for euro area reform», VoxEU, 21 Ιουνίου The policy discussion on euro area reform has entered a critical phase, and analytical contributions informing that discussion have become particularly important. Among these, the recent CEPR Policy Insight (Bénassy-Quére et al. 2018) stands out. It is an important contribution to the discussion which the European Commission kicked off institutionally …Read More

Differences in consumption baskets across households and the distributional consequences of monetary policy

Javier Cravino, Ting Lan, Andrei Levchenko, (2018), «Differences in consumption baskets across households and the distributional consequences of monetary policy», VoxEU, 16 Ιουνίου There is growing recognition that monetary policy shocks have distributional consequences. An active literature argues that monetary policy can have differential effects across various types of agents – savers versus borrowers (Doepke and Schneider 2006), the financially constrained versus the unconstrained (Williamson 2008), or young versus old …Read More

Τι ετοιμάζει η ΕΚΤ μετά το QE για την Ευρωζώνη

Γ. Αγγέλης, (2018), «Τι ετοιμάζει η ΕΚΤ μετά το QE για την Ευρωζώνη«, capital.gr, 18 Ιουνίου Οι ανακοινώσεις Ντράγκι για την πολιτική που θα ακολουθήσει η ΕΚΤ όσον αφορά το QE, «διαβάστηκαν» με αρκετή ανακούφιση από όλους, καθώς ο κεντρικός τραπεζίτης είχε φροντίσει ώστε το διεθνές ακροατήριο να μην ακούσει κάτι που θα ξάφνιαζε δυσάρεστα. Στα όσα ακολούθησαν όμως και στις διευκρινίσεις που έδωσε, φάνηκε αρκετά καθαρά ότι αυτές οι …Read More

Macroprudential tools, capital controls, and the trilemma: Insights from the Bretton Woods era

Eric Monnet, (2018), «Macroprudential tools, capital controls, and the trilemma: Insights from the Bretton Woods era», VoxEU, 13 Ιουνίου Assessing how domestic monetary policy is constrained by international capital flows remains a key but open empirical and theoretical question (Farhi and Werning 2014, Shambaugh and Klein 2015, Rey 2016, Obtsfeld et al. 2017). It is often approached from the angle of the trilemma – the impossible trinity of international finance …Read More

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