Masciandaro, Donato, (2017), “Doves, hawks … and pigeons: Why central bankers like monetary policy inertia”, VoxEu, 2 Ιανουαρίου The discussion of the delayed lift-off in US monetary policy is just the latest episode in a long-lasting debate over the causes of inertia in monetary policy. This column approaches the issue by assuming that psychological drivers can influence the decisions of central bankers. Loss aversion is one source of behavioural bias …Read More
Unusual outcomes and uncertain times
Kozeniauskas, Nicholas, Veldkamp, Laura, (2017), “Unusual outcomes and uncertain times”, VoxEu, 3 Ιανουαρίου Uncertainty shocks are a major avenue of research in the quest to explain business cycles, as well as asset prices and financial crises. This column argues that three conceptually distinct types of uncertainty that are often modelled independently – ‘macro’ uncertainty about an aggregate variable such as GDP, ‘micro’ uncertainty about firms’ individual outcomes, and ‘higher-order’ uncertainty …Read More
The Macroeconomic Effects of Official Debt Restructuring: Evidence from the Paris Club
Cheng, Gong, Diaz-Cassou, Javier, Erce, Aitor, (2016), “The Macroeconomic Effects of Official Debt Restructuring: Evidence from the Paris Club”, ESM Working Paper 21, 29 Δεκεμβρίου This paper presents new empirical results on the macroeconomic impact of sovereign debt restructurings with official-sector creditors. Using a novel dataset on Paris Club restructurings and Local Projection methods, we find that Paris Club treatments can have a significant impact on economic growth — 2% …Read More
Ρώμη κατά ΕΚΤ για το κόστος διάσωσης της Monte dei Paschi
Καθημερινή, (2016), “Ρώμη κατά ΕΚΤ για το κόστος διάσωσης της Monte dei Paschi“, Καθημερινή, 30 Δεκεμβρίου Την έντονη ενόχληση της ιταλικής κυβέρνησης προκάλεσε η απόφαση της Ευρωπαϊκής Κεντρικής Τράπεζας να διπλασιάσει σχεδόν το κεφαλαιακό έλλειμμα της Monte dei Paschi, μετά την αναγκαστική απόφαση της Ρώμης να τη διασώσει την προπερασμένη εβδομάδα. Σχετικές Αναρτήσεις Καραγιάννης, Κώστας, (2016), “Κρατική διάσωση για την Monte Paschi”, Καθημερινή, 23 Δεκεμβρίου Minenna, Marcello, (2016), “The Italian Non-Performing …Read More
Pension Reforms in the EU since the Early 2000’s: Achievements and Challenges Ahead
Carone, Giuseppe, Eckefeldt, Per, Giamboni, Luigi, Laine, Veli, Pamies Sumner, Stéphanie, (2016), “Pension Reforms in the EU since the Early 2000’s: Achievements and Challenges Ahead”, European Commission, 23 Δεκεμβρίου Most EU Member States have carried out substantial pension reforms over the last decades in order to enhance fiscal sustainability, while maintaining adequate pension income. The intensity of pension reforms has been particularly strong since 2000. These reforms have been implemented …Read More
Economists versus the Economy
Skidelsky, Robert, (2016), “Economists versus the Economy”, Project Syndicate, 23 Δεκεμβρίου Let’s be honest: no one knows what is happening in the world economy today. Recovery from the collapse of 2008 has been unexpectedly slow. Are we on the road to full health or mired in “secular stagnation”? Is globalization coming or going? Policymakers don’t know what to do. They press the usual (and unusual) levers and nothing happens. Quantitative …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Κρατική διάσωση για την Monte Paschi
Καραγιάννης, Κώστας, (2016), “Κρατική διάσωση για την Monte Paschi”, Καθημερινή, 23 Δεκεμβρίου Την κρατική διάσωση της Monte dei Paschi αποφάσισε τα ξημερώματα η ιταλική κυβέρνηση μετά την αποτυχία της τρίτης μεγαλύτερης τράπεζας να ενισχυθεί με νέα κεφάλαια από τις αγορές. Το σχέδιο διάσωσης προβλέπει το “κούρεμα” ορισμένων πιστωτών της τράπεζας που κατείχαν ομόλογα μειωμένης εξασφάλισης, ωστόσο οι μικροεπενδυτές προστατεύονται σε απόλυτο βαθμό. Σχετικές Αναρτήσεις Bασιλοπουλου, Θεοδωρα, Tσουγκα, Aναστασια, (2016), “Ιταλία: Τα επικρατέστερα …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Measuring fiscal spillovers in EMU and beyond: A Global VAR approach
Belke, Ansgar, Osowski, Thomas, (2016), “Measuring fiscal spillovers in EMU and beyond: A Global VAR approach”, CEPS, 16 Δεκεμβρίου This paper empirically identifies and measures fiscal spillovers in the EU countries using a global vector autoregression (GVAR) model. Our aim is to look at the sign and the absolute values of fiscal spillovers in a country-wise perspective and at the time profile (impulse response) of the impacts of fiscal shocks. …Read More
How the interactions of monetary and regulatory policies may have been ahead of the anti-globalisation backlash
Forbes, Kristin, Reinhardt, Dennis, Wieladek, Tomasz, (2016), “How the interactions of monetary and regulatory policies may have been ahead of the anti-globalisation backlash”, VoxEu, 23 Δεκεμβρίου Globalisation is in retreat, but while the slowdown in trade is widely recognised, what is more striking is the collapse of global trade flows. This column shows how banking deglobalisation is a substantial contributor to the slowdown in global trade. It finds that certain types …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Is the UK’s role in the European supply chain at risk?
García-Herrero, Alicia, Xu, Jianwei, (2016), “Is the UK’s role in the European supply chain at risk?”, Bruegel, 20 Δεκεμβρίου Over the past decades the UK economy has become a party to global production chains in a number of sectors. Benefiting from tremendous investment by many of the world’s major multinational corporations, the UK has become an export leader, especially for automobiles and pharmaceutical products. We ask whether the UK’s engagement …Read More