Thimann, Christian, (2015), “The Microeconomic Dimensions of the Eurozone Crisis and Why European Politics Cannot Solve Them”, Journal of Economic Perspectives, Issue 3, Volume 29, summer The academic and policy debate about the crisis in Europe’s single currency area is usually dominated by macroeconomic and public sector considerations. The microeconomic dimensions of the crisis and the private sector issues typically get much less attention. However, it is the private sector …Read More

Bølstad, Jørgen, Elhardt, Christoph, (2015), “To bail out or not to bail out? Crisis politics, credibility, and default risk in the Eurozone”, European Union Politics, Issue 16, Volume 3, Σεπτέμβριος  We examine the impact of signals regarding the Eurozone’s bail-out commitment on government bond spreads in the Eurozone’s periphery, analysing the effect of positive, negative and mixed statements and decisions by the EU, the ECB and Germany. We construct a dataset of relevant …Read More

Banerji, Angana, Barkbu, Bergljot, John, James, Kinda, Tidiane, Saksonovs, Sergejs, Schoelermann, Hanni, Wu, Tao, (2015), “Building a Better Union : Incentivizing Structural Reforms in the Euro Area”, IMF publications-Working Papers, 11 Σεπτεμβρίου The momentum for structural reforms is waning in the euro area at a time when even faster progress is needed to boost productivity and growth, achieve real economic convergence, and improve the resilience of the monetary union. What can the European Union (EU) institutions do to bridge this divide? This paper …Read More

Gross, Marco, Poblacion, Javier, (2015), “A false sense of security in applying handpicked equations for stress test purposes”, ECB Working Paper Series, No. 1845, Σεπτέμβριος The purpose of this paper is to promote the use of Bayesian model averaging for the design of satellite models that financial institutions employ for stress testing. Banks employing ’handpicked’ equations – while meeting standard economic and econometric soundness criteria – risk significantly underestimating the …Read More

IMF, (2015), “Monetary Policies in Advanced Economies: Good for Them, Good for Others”, IMF Policy Paper, 23 Iούνιος 2015. Accommodative monetary policies in systemic advanced economies can have a positive impact on economic activity in other countries if they are perceived as good news about growth prospects in advanced economies, said a new IMF report that assesses the “spillover” impact of policies on other economies. Seven years after the onset of …Read More

Astarita, Caterina, (2015), “Taxing Wealth: Past, Present, Future”, European Economy Discussion Paper, N. 003, Ιούλιος. In times of fiscal consolidation and strong macroeconomic adjustment needs in some EU Member States, the debate on wealth taxation gained momentum, both in the academic and in the policy debate. In this context, the aim of the workshop, held by DG ECFIN on 13 November 2014, was to discuss theoretical and policy issues associated with wealth taxation, including the broad …Read More

Stehrer, Robert, Nagengast, Arne, (2015), “The great collapse in value added trade”, ECB Working Paper Series, No 1833 / July 2015 This paper studies the great collapse in value added trade using a structural decomposition analysis. We show that changes in vertical specialisation accounted for almost half of the great trade collapse, while the previous literature on gross trade has mainly focused on final expenditure, in-ventory adjustment and adverse credit supply conditions. The decline in …Read More