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It may get worse before it gets better: The short-term employment consequences of structural reforms

Andrea Bassanini, Federico Cingano, (2018), “It may get worse before it gets better: The short-term employment consequences of structural reforms”, VoxEU, 16 Απριλίου Structural reforms feature prominently in the political agenda of many countries in a bid to promote and sustain economic growth. And yet, the pace of reforms slowed down during the recent recession and subsequent sluggish recovery, both in developed and emerging economies (OECD 2016, IMF 2016a). These …Read More

The effective lower bound and the desirability of gradual interest rate adjustments

Sebastian Schmidt, (2018), “The effective lower bound and the desirability of gradual interest rate adjustments”, ECB, Research Bulletin No. 45, 13 Απριλίου The lower bound on nominal interest rates makes it desirable for monetary policy to aim for gradual adjustments of the policy rate in addition to the stabilisation of inflation and the output gap. In a situation where the economy is in recession, inflation is below target, and the …Read More

The post-crisis TFP growth slowdown in CEE countries: exploring the role of Global Value Chains

Francesco Chiacchio, Katerina Gradeva, Paloma Lopez-Garcia, (2018), “The post-crisis TFP growth slowdown in CEE countries: exploring the role of Global Value Chains”, Working Paper Series,  No 2143 / Απρίλιος 2018 Using micro-aggregated firm information for nine Central and Eastern European (CEE) countries and data from input-output tables, we examine the role of Global Value Chains (GVCs) for technology diffusion across EU countries. Our empirical results provide support for a two-stage diffusion …Read More

Where Does the ECB Go From Here?

Mervyn King, (2018), “Where Does the ECB Go From Here?”, BloombergView, 16 Απριλίου Europe’s central bank is an unavoidably political organization I once congratulated Mario Draghi on his performance as president of the European Central Bank, telling him he had made only one mistake. “What’s that?” came the instant question. “Taking the job,” I replied. My point was that by the time Draghi was appointed, the ECB could no longer …Read More

The year at a glance – Annual Report 2017 ECB

ECB, (2018), “Annual Report 2017”, Απρίλιος In 2017, the economic recovery in the euro area developed into a solid and broad-based expansion. The economy grew by 2.5% and by the end of the year had recorded 18 straight quarters of growth. This represented the strongest expansion for a decade, and the broadest for two decades. The dispersion of growth rates among euro area countries fellto its lowest level since the start of Monetary …Read More

Fostering Institutional Investment in Europe’s Capital Markets: Reality vs. Expectations

Cosmina Amariei, (2018), “Fostering Institutional Investment in Europe’s Capital Markets: Reality vs. Expectations”, 2nd Interim Report of the CEPS-ECMI Task Force on Asset Allocation in Europe, ECMI, Brussels, 11 Απριλίου The capacity of insurance companies and pension funds to fulfil their financial obligations to policy holders and beneficiaries continues to be under scrutiny, with additional challenges posed by the prolonged low yield environment and the path towards normalisation of monetary policy …Read More

Η 4η Βιομηχανική Επανάσταση και η «σφαγή των Ντίλμπερτς»

naftemporiki.gr, (2018), “Η 4η Βιομηχανική Επανάσταση και η «σφαγή των Ντίλμπερτς»” , 14 Απριλίου Την ώρα που οι περισσότεροι ανησυχούν για τις εντεινόμενες εμπορικές αντιπαραθέσεις και τις γεωπολιτικές εντάσεις, ορισμένοι εξακολουθούν να προειδοποιούν ότι οι μεγαλύτερες προκλήσεις πηγάζουν από αλλού: την αλματώδη πρόοδο στον τομέα της αυτοματοποίησης και της τεχνητής νοημοσύνης. Αν και τα οφέλη, που μπορεί να αποκομίσει η οικονομία, αλλά και κλάδοι, όπως η ιατρική, είναι αδιαμφισβήτητα, η ολοένα …Read More

The European Dimension of Regional and Cohesion Policies

Daniel Gros, Roberto Musmeci and Marta Pilati, (2018), “The European Dimension of Regional and Cohesion Policies”, working paper 3, CEPS, Brussels and Laboratorio LUISS sul Mezzogiorno, Δεκέμβριος 2017 This contribution analyses the state of regional convergence within the European context. It finds that different country groups have had quite different experiences following the financial crisis and that in most cases there has been little convergence across regions within countries. More importantly, the …Read More

Are European firms falling behind in the global corporate research race?

Reinhilde Veugelers, (2018), “Are European firms falling behind in the global corporate research race?”, bruegel, 12 Απριλίου Over the last decade, there has been little evidence for increasing concentration in the global R&D landscape. On the contrary, a slight decline is discernible. Slight increasing concentration can only be detected in digital sectors, with in particular the top 1 percent of R&D spending firms in these sectors forging ahead. Although the overall …Read More

How has the first year of the Brexit negotiations affected politics in the EU?

Nicola Chelotti, (2018), “How has the first year of the Brexit negotiations affected politics in the EU?”, LSE EUROPP, 12 Απριλίου The Brexit negotiations have coincided with a period of high political uncertainty in the EU27. Across Europe, governments are being confronted with significant challenges, including controversial constitutional reforms (in Poland and Hungary), the persistence of euroscepticism and the continuing (albeit diminished for the moment at least) impact of the …Read More