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The six flaws of the Eurozone

Wyplosz, Charles, (2016), “The six flaws of the Eurozone”, Economic Policy, 4 Αυγούστου When it was created, it was reasonable to think that the architecture of the monetary union was not perfect. It was also likely that the imperfections would lead to difficulties, possibly even crises. This article identifies six flaws, most of which had been identified even before the launch of the euro. It starts by pinpointing why the Eurozone, …Read More

The ECB’s asset purchase programme: an early assessment

Andrade, Philippe, Breckenfelder, Johannes, De Fiore, Fiorella, Karadi, Peter, Tristani, Oreste, (2016),  “The ECB’s asset purchase programme: an early assessment”, ECB Working Paper Series No 1956, 9 Σεπτεμβίου This paper analyses the effects of the European Central Bank’s expanded asset purchase programme (APP) on yields and on the macroeconomy, and sheds some light on its transmission channels. It shows, first, that the January 2015 announcement of the programme has significantly and persistently …Read More

Net debt supply shocks in the euro area and the implications for QE

S. Blattner, Tobias. A. S. Joyce, Michael, (2016), “Net debt supply shocks in the euro area and the implications for QE”, ECB Working Paper Series, 9 Σεπτεμβρίου This paper examines how shocks to the net supply of government bonds affect the euro area term structure of interest rates and the wider macroeconomy. To measure net debt supply we construct a new free-float measure, which adjusts total government debt of the four largest euro …Read More

A Feasible Unemployment-Based Shock Absorber for the Euro Area

Brandolini, Andrea, Carta, Francesca, D’Amuri, Francesco, (2016), “A Feasible Unemployment-Based Shock Absorber for the Euro Area”, Journal of Common Market Studies, 11 Ιουλίου Based on theoretical insights, this article identifies the broad characteristics that a shock absorber based on unemployment should have in order to be incentive-compatible and politically feasible. It then empirically derives the combination of activation thresholds, experience rating, eligibility criteria and benefit generosity which define the systems offering the highest stabilization for …Read More

The EU Convergence Machine at Work. To the Benefit of the EU’s Poorest Citizens?

Goedemé, Tim, Collado, Diego, (2016), “The EU Convergence Machine at Work. To the Benefit of the EU’s Poorest Citizens?”, Journal of Common Market Studies, 6 Απριλίου Social cohesion in the EU (European Union) is usually assessed on the basis of GDP per capita and relative poverty rates. These indicators show that the ‘European convergence machine’ led to greater social cohesion between old and new Member States (EU-15 and NMS) until the onset of …Read More

Explaining the sudden creation of a banking supervisor for the euro area

Glöckler, Gabriel, Lindner, Johannes, Salines, Marion, (2016), “Explaining the sudden creation of a banking supervisor for the euro area”, Journal of European Public Policy, 2 Αυγούστου While banking supervision in the European Union (EU) had been subject to slow incremental changes in the 2000s, the establishment of the Single Supervisory Mechanism (SSM) in 2012/2013 amounted to a comparably swift and significant transfer of sovereignty. This article explores the institutional dynamics behind …Read More

Evolution of EU public sector financial accounting standardisation: critical events that opened the window for attempted policy change

Oulasvirta, Lasse O., Bailey, Stephen J., (2016), “Evolution of EU public sector financial accounting standardisation: critical events that opened the window for attempted policy change”, Journal of European Integration, 11 Μαΐου This paper analyses agenda-setting for EU policy change in respect to public sector accounting harmonisation, adopting the garbage can model for its theoretical framework. It utilises qualitative research methods to determine what caused the window of opportunity to open, why it …Read More

How can we explain the persistence of the Great Recession? A balanced stability approach

Togati, Teodoro Dario, (2015), “How can we explain the persistence of the Great Recession? A balanced stability approach”, Cambridge Journal of Economics, Σεπτέμβριος The Great Recession (GR) creates a stalemate in macroeconomics. On the one hand, standard approaches fail to account for its persistence in a credible way due to their implicit assumption that the economy is internally stable. On the other, heterodox approaches fail to regain consensus. While often correctly …Read More

Absolute Advantage and International Trade – Evidence from Four Euro-zone Economies

Seretis, Stergios A., Tsaliki, Persefoni V., (2016), “Absolute Advantage and International Trade – Evidence from Four Euro-zone Economies”, Review of Radical Political Economics, Αύγουστος The purpose of this paper is to give empirical content to the approach of international trade based on the principle of absolute advantage and to show that differences in productivity may give rise to transfers of value towards the units of capital with an absolute advantage in production. Our …Read More

External and Public Debt Crises

Arellano, Cristina, Atkeson, Andrew, Wright, Mark, (2016), “External and Public Debt Crises”, NBER Macroeconomics Annual, Volume 30 Number 1 At the end of the first decade of the twenty-first century, the members of two advanced monetary and economic unions, the nations of the euro zone and the US States, experienced debt crises with spreads on government borrowing rising dramatically: in a short period of time, Californian spreads rose sixfold, Italian rose tenfold, Illinois fifteenfold and …Read More