D’Acunto, Francesco, Hoang, Daniel, Weber, Michael, (2016), “Fighting deflation with unconventional fiscal policy”, VoxEu, 26 Απριλίου The Eurozone faces zero inflation paired with low economic growth. With monetary policy hobbled by the zero lower bound, it is time to think more broadly. This column discusses the theoretical and empirical evidence on ‘unconventional fiscal policy’.  Such policies aim to increase growth and inflation in a budget-neutral fashion, while keeping the tax …Read More

Van der Marel, Erik, (2016), “Who Reforms for Higher Productivity?”, European Centre for International Political Economy, Μάρτιος With weak European growth performance over a longer period of time, it is time to push reforms raising the rate of productivity growth. The EU’s best strategy for it is to cut restrictions for single market trade in the services sector. There are still major restrictions in place and services regulations differ substantially between …Read More

Mosler, Warren, Silipo, Damiano B., (2016), “Maximizing Price Stability in a Monetary Economy”, Levy Economics Institute, Απρίλιος In this paper we analyze options for the European Central Bank (ECB) to achieve its single mandate of price stability. Viable options for price stability are described, analyzed, and tabulated with regard to both short- and long-term stability and volatility. We introduce an additional tool for promoting price stability and conclude that public purpose is …Read More

Gagnon, Joseph E., (2016), “Quantitative Easing: An Underappreciated Success”, Peterson Institute for International Economics, Απρίλιος After short-term interest rates in many advanced economies fell below 1 percent, central banks turned to quantitative easing (QE) to support economic growth. They purchased massive and unprecedented amounts of long-term bonds in an effort to reduce long-term borrowing costs. Nevertheless, recovery from the Great Recession proved disappointingly slow. Recently, some central banks have pushed short-term …Read More

Pisani-Ferry, Jean, (2016), “The Eurozone’s Zeno paradox – and how to solve it”, VoxEU, 10 Απριλίου The dramatic episodes in the Eurozone in the past few years called for a number of policy reactions. Yet the response was usually limited to what was deemed indispensable to ensure survival. This column discusses how such half-solutions paved the way for future crises. The author also puts forward a few proposals regarding the …Read More

Veugelers, Reinhilde, (2016), “The European Union’s growing innovation divide”, Bruegel, 7 Απριλίου There is a significant divide between the European Union countries with the greatest capacity to innovate, and those with the least capacity to innovate. The difficult convergence process has been proceeding only very slowly and unevenly, and more recently seems to have come to a halt. A particular weak spot for the EU is corporate investment in research; in this …Read More

Kregel, Jan, (2016), “What We Could Have Learned from the New Deal in Confronting the Recent Global Recession”, Levy Economics Institute, Μάρτιος To the extent that policymakers have learned anything at all from the Great Depression and the policy responses of the 1930s, the lessons appear to have been the wrong ones. In this public policy brief, Director of Research Jan Kregel explains why there is still a great deal we …Read More

Gros, Daniel, Valiante, Diego, De Groen, Willem Pieter, (2016), “The ECB’s latest gimmick: Cash for loans”, CEPS, 29 Μαρτίου Among several important monetary policy initiatives decided by the European Central Bank on 10 March 2016 was the launch of a new set of targeted longer-term refinancing operations (TLTRO II), expanding on the previous TLTRO. In assessing this scheme, which might cost up to €24 billion, this Policy Brief finds that while it could …Read More

Claeys, Gregory, Darvas, Zsolt, Leandro, Alvaro, (2016), “A proposal to revive the European Fiscal Framework”, Bruegel, 29 Μαρτίου The current inefficient European fiscal framework should be replaced with a system based on rules that are more conducive to the two objectives, more transparent, easier to implement and which have a higher potential to be complied with. Σχετικές Αναρτήσεις  Marelli, Enrico, Signorelli, Marcello, (2016), “Closer fiscal integration is unavoidable if the Eurozone is to survive”, …Read More

Dabrowski, Marek, (2016), “Completing Europe’s economic and monetary union“, Bruegel Publications, 10 Μαρτίου This note has been written in response to the UK House of Lords European Union Committee’s Call for Evidence on ‘Completing Europe’s Economic and Monetary Union’. The opinions presented here represent solely the view of their author and not necessarily the institutions, which he is affiliated with. Thus, these opinions can be attributed publicly to the author only. Taking …Read More