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If central banks can’t taper QE now, when can they? Maybe never

McGeever, Jamie, (2017), «If central banks can’t taper QE now, when can they? Maybe never», Reuters, 13 Ιουνίου As the Fed prepares to raise interest rates again and actively considers how and when to start exiting QE, it appears that the process of normalising monetary policy across the Western world is slowly but surely getting into gear. Global conditions for unwinding crisis-fueled stimulus look fertile: the strongest economic growth in …Read More

Industrial production up by 0.5 % in euro area

Eurostat/Industrial production up by 0.5% in euro area/14 Ιουνίου 2017 In April 2017 compared with March 2017, seasonally adjusted industrial production rose by 0.5% in the euro area (EA19) and by 0.2% in the EU28, according to estimates from Eurostat, the statistical office of the European Union. In March 2017 industrial production rose by 0.2% in euro area and by 0.3% in the EU28. In April 2017 compared with April …Read More

How Long Can the Eurozone Survive Without Greater Integration?

Rogoff, Kenneth, (2017), «How Long Can the Eurozone Survive Without Greater Integration?», Project Syndicate, 14 Ιουνίου With a reform-minded centrist president elected in France and the re-election of German Chancellor Angela Merkel seeming ever more likely, is there new hope for the stalled single-currency project in Europe? In the near term, it looks that way. The eurozone recovery has out-performed expectations, and the election of Macron has raised hopes that …Read More

Employment up by 0.4% in both the euro area and in the EU28

Eurostat/Employment up by 0.4% in both the euro area and in the EU28/14 Ιουνίου 2017 The number of persons employed increased by 0.4% in both the euro area (EA19) and in the EU28 in the first quarter of 2017 compared with the previous quarter, according to national accounts estimates published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2016, employment increased also by 0.4% …Read More

Global Economic Outlook, June 2017

OECD, (2017), «Global Eonomic Outlook», Ιούνιος The mood in the global econom has brightened during the lat year. Confidence indicators, industrial production, headline measures of employment, and cross-border trade flows have improved in most economies, However, this still-modest cyclical expansion is not yet robust enough to yield a durable improvement in potential output or to reduce persistent inequalities. Σχετικές Αναρτήσεις OECD, (2017), «Greece Economic Forecast (June 2017)», Ιούνιος International Monetary …Read More

The macroeconomic impact of the ECB’s expanded asset purchase programme (APP)

Gambetti, Luca, Musso, Alberto, (2017), «The macroeconomic impact of the ECB’s expanded asset purchase programme (APP)», ECB Working Paper Series No 2075, Ιούνιος This paper provides empirical evidence on the macroeconomic impact of the expanded asset purchase programme (APP) announced by the European Central Bank (ECB) in January 2015. The shock associated to the APP is identified with a combination of sign, timing and magnitude restrictions in the context of …Read More

Προειδοποίηση ΔΝΤ προς Ιταλία για χρέος και «κόκκινα» δάνεια

Η Καθημερινή, (2017), «Προειδοποίηση ΔΝΤ προς Ιταλία για χρέος και «κόκκινα» δάνεια», 13 Ιουνίου Η ήπια ανάκαμψη της ιταλικής οικονομίας θα συνεχιστεί έως και το 2020, ωστόσο ο ρυθμός ανάπτυξης προβλέπεται να περιοριστεί στο 1% την περίοδο 2018-2020 από 1,3% το 2017, σύμφωνα με την ετήσια έκθεση του ΔΝΤ για την Ιταλία. Ωστόσο, οι τεχνοκράτες προειδοποιούν για σειρά «απειλών», όπως το υψηλό δημόσιο χρέος και το «βουνό» των μη εξυπηρετούμενων …Read More

Jobs gap closes but recovery remains uneven

OECD, (2017), «Jobs gap closes but recovery remains uneven», 13 Ιουνίου The job market continues to improve in the OECD area, with the employment rate finally returning to pre-crisis levels. But people on low and middle incomes have seen their wages stagnate and the share of middle-skilled jobs has fallen, contributing to rising inequality and concerns that top earners are getting a disproportionate share of the gains from economic growth, …Read More

House prices and monetary policy in the euro area: evidence from structural VARs

Nocera, Andrea, Roma, Moreno, (2017), «House prices and monetary policy in the euro area: evidence from structural VARs», ECB, Ιούνιος We use a structural Bayesian vector autoregression model for seven euro-area countries (Belgium, France, Germany, Ireland, Italy, the Netherlands, and Spain) for the period 1980:Q1- 2014:Q4 to provide a systematic structural analysis of the impacts of housing demand shocks on economic activity and the role of house prices in the monetary …Read More

Capital Requirements For Banks Are Needed But Costly—Only Limited Increases Are Called For

William R., Cline, (2017), «Capital Requirements For Banks Are Needed But Costly—Only Limited Increases Are Called For», PIIE, 12 Ιουνίου Cline’s study, one of several analyses of financial stability published by PIIE since the crisis of 2008–09, reviews the extensive literature on banking crises, regulations, and their impact on capital formation and economic growth. It looks indepth at the multilateral voluntary framework on bank capital adequacy known as Basel III, established …Read More

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