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Macroprudential policy could have reduced imbalances in the euro area

Marcin Bieleki, Michał Brzoza-Brzezina, Marcin Kolasa and Krzysztof Makarski, (2019), «Macroprudential policy could have reduced imbalances in the euro area», VoxEU, 18 Σεπτεμβρίου The boom-bust cycle in the euro area periphery has almost toppled the euro. This column suggests that region-specific macroprudential policy could have substantially smoothed the credit cycle in the periphery and reduced the build-up of external imbalances. In contrast, common monetary policy could have stabilised output in …Read More

The financial origin of the euro area fiscal wound

Alberto Caruso, Lucrezia Reichlin and Giovanni Ricco, (2019), «The financial origin of the euro area fiscal wound», VoxEU, 13 Σεπτεμβρίου One of the most cited books written in the aftermath of the 2008 financial crisis, which documents the special characteristics of recessions associated with financial crises over time and across countries, is titled “This time is different”. This column argues that the joint behaviour of the public deficit and public …Read More

Economic priorities for new EU leadership

Maria Demertzis, (2019), «Economic priorities for new EU leadership», Bruegel, 10 Σεπτέμβριος Europe is no longer in crisis mode. However, it remains vulnerable; it is unprepared and it is procrastinating. Following European elections this May, new leaders are about to take their positions at the main European institutions for the next 5 years. They have the power in their hands to take action. But more importantly, they have the power …Read More

ECB Cuts Rates, Revives QE to Lift Growth as Draghi Era Ends

Yoko Takeo and Piotr Skolimowksi, (2019), «ECB Cuts Rates, Revives QE to Lift Growth as Draghi Era Ends», Bloomberg, 12 Σεπτεμβρίου The European Central Bank cut interest rates further below zero and revived bond purchases after President Mario Draghi overcame critics of his stimulus policies to make a final run at reflating the euro-area economy. Σχετικές Αναρτήσεις Daniel Gros, (2019), «The ECB’s Deflation Obsession», Project Syndicate, 6 Σεπτεμβρίου Summers, Lawrence …Read More

Government investment and fiscal stimulus

Christoph Boehm, (2019), «Government investment and fiscal stimulus», VoxEU, 7 Σεπτεμβρίου Fiscal stimulus packages typically feature large investment in infrastructure. The column argues that the fiscal multiplier associated with government investment during the Great Recession was near zero. Meanwhile, the government consumption multiplier was around 0.8. Estimates of the multiplier for total government purchases do not distinguish these two effects, which may affect their validity. Σχετικές Αναρτήσεις Giugliano, Ferdinando, (2019), …Read More

Η δύσκολη προτελευταία παράσταση του Μάριο Ντράγκι

Balazs Koranyi, (2019), «Η δύσκολη προτελευταία παράσταση του Μάριο Ντράγκι», Reuters/ Η Καθημερινή,  7 Σεπτεμβρίου Ο Μάριο Ντράγκι, πρόεδρος της ΕΚΤ, ο οποίος συχνά πιστώνεται με το γεγονός ότι έσωσε μόνος του το ευρώ, αναμένεται να εκτελέσει ορισμένα ακόμη μαγικά την ερχόμενη εβδομάδα, στην προτελευταία συνεδρίασή του ως προέδρου. Η οικονομία της Ευρωζώνης νοσεί και ο πληθωρισμός είναι ανησυχητικά χαμηλός, ασκώντας πίεση στην κεντρική τράπεζα να ενισχύσει την οικονομία όπως …Read More

How the IMF can ‘raise its game’ on monetary policy advice

Charles Collyns and Prakash Loungani, (2019), «How the IMF can ‘raise its game’ on monetary policy advice», VoxEU, 9 Σεπτεμβρίου Unconventional monetary policies were used extensively to deal with the Global Crisis. This column presents the results of a study by the IMF’s Independent Evaluation Office which assessed the value provided by the IMF in its advice on unconventional monetary policies over the past decade. While in many ways the …Read More

The ECB’s Deflation Obsession

Daniel Gros, (2019), «The ECB’s Deflation Obsession», Project Syndicate, 6 Σεπτεμβρίου It is hard to understand why the European Central Bank is currently so anxious to find new ways to make its policy stance even more expansionary. Its hyper-vigilance about falling prices is misplaced, and its ability to increase the rate of inflation is dubious. Σχετικές Αναρτήσεις Gerlach, Stefan, (2019), «Lagarde’s ECB Checklist», Project Syndicate.org, Ιούλιος El-Erian, Mohammed, (2019), «Are …Read More

ΕΡΓΑΝΗ: 3.111 νέες θέσεις εργασίας τον Αύγουστο

Στέλιος Παπαπέτρος, (2019), «ΕΡΓΑΝΗ: 3.111 νέες θέσεις εργασίας τον Αύγουστο», 4 Σεπτεμβρίου, naftemporiki.gr Θετικό ήταν το ισοζύγιο προσλήψεων – απολύσεων τον μήνα Αύγουστο του 2019, καθώς σύμφωνα με τα στοιχεία του συστήματος ΕΡΓΑΝΗ προκύπτει ότι τον προηγούμενο μήνα δημιουργήθηκαν 3.111 περισσότερες νέες θέσεις εργασίας σε σύγκριση με τον συνολικό αριθμό των απολύσεων και των αποχωρήσεων. Σχετικές Αναρτήσεις Κατσαγάνης, Δημήτρης, (2019), «Mείωση απασχόλησης και ελάχιστη άνοδο αμοιβών έφερε η αύξηση του κατώτατου …Read More

Why Europe needs a change of mind-set to fend off the risks of recession

Guntram B. Wolff, (2019) «Why Europe needs a change of mind-set to fend off the risks of recession», Bruegel, 2 Σεπτεμβρίου Recession! This is the new worry in Europe and the US. A simple look at google trends shows that in Germany, France and the US, search interest for recession peaked in the last weeks. In Italy, the peak already occurred end of January. Whether a recession is actually occurring …Read More