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Risk-sharing and Consumption-smoothing Patterns in the US and the euro area: A comprehensive comparison

Alcidi, Cinzia, D’Imperio, Paolo, Thirion, Gilles, (2017),  “Risk-sharing and Consumption-smoothing Patterns in the US and the euro area: A comprehensive comparison”, CEPS, 4 Μαΐου This paper compares the capacity to smooth the impact of asymmetric shocks in the US and in the euro area (EA) and examines the various mechanisms through which the shock absorption occurs. It first notes that comparable data for the US and the EA are not readily …Read More

Central Bank Legal Frameworks in the Aftermath of the Global Financial Crisis

Khan, Ashraf, (2017), “Central Bank Legal Frameworks in the Aftermath of the Global Financial Crisis”, IMF, 1 Μαΐου Central banking is subject to ongoing changes, even more so since the Global Financial Crisis. Noteworthy developments include, for instance, the usage of unconventional monetary policies in many advanced economies, which in part, led to significant expansion and diversification of central banks’ balance sheets. Moreover, discussions on the mandates of central banks, …Read More

Unemployment rates in the EU regions ranged from 2.1% to 31.3%

Eurostat/Unemployment rates in the EU regions ranged from 2.1% to 31.3%/27 Απριλίου 2017 More than 80% of the NUTS 2 regions of the European Union (EU) saw their unemployment rate fall in 2016 compared with 2015, and around 60% recorded a decrease of at least 0.5 percentage points. However, regional unemployment rates continued to vary widely across the EU regions, with the lowest rates recorded in Niederbayern (2.1%) in Germany …Read More

Internal devaluation in currency unions: the role of trade costs and taxes

Petroulakis, Filippos, (2017), “Internal devaluation in currency unions: the role of trade costs and taxes”, European Central Bank Working Paper Series No 2049, Απριλίος This paper studies export adjustment to negative shocks in currency unions. I consider the hitherto ignored role of trade costs and taxes in internal devaluations, which have been brought to the fore of international policy during the recent euro periphery crisis. Trade costs can limit the …Read More

Household real income per capita down in the euro area but up in the EU28-Fourth quarter of 2016

Eurostat/Household real income per capita down in the euro area but up in the EU28-Fourth quarter of 2016/28 Απριλίου 2017 In the euro area, in real terms, household income per capita decreased by 0.2% in the fourth quarter of 2016, after an increase of 0.2% in the previous quarter. Household real consumption per capita increased by 0.1% in the fourth quarter of 2016, after an increase of 0.4% in the …Read More

Surveying Corporate Investment Activities, Needs and Financing in the EU

European Investment Bank Investment Survey 2016/2017 (EIBIS), (2017), “Surveying Corporate Investment Activities, Needs and Financing in the EU”, European Investment Bank (EIB), 10 Απριλίου 2017 Business investment is recovering across Europe. SMEs and firms active in the construction sector and service sector expect an expansion from relatively low levels of investment activities; whereas large firms, manufacturing firms and firms active in the infrastructure sector expect an expansion from already relatively …Read More

Euro area annual inflation up to 1.9%

Eurostat/Euro area annual inflation up to 1.9% /28 Απριλίου 2017 Euro area annual inflation is expected to be 1.9% in April 2017, up from 1.5% in March 2017, according to a flash estimate from Eurostat, the statistical office of the European Union. Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in April (7.5%, compared with 7.4% in March), followed by …Read More

Results of the April 2017 euro area bank lending survey

European Central Bank, (2017), “Results of the April 2017 euro area bank lending survey”, ECB, 25 Απριλίου Credit standards for loans to enterprises eased slightly in net terms in the first quarter of 2017, according to the April 2017 bank lending survey (BLS). The net easing (-2%) of credit standards – i.e. banks’ internal guidelines or loan approval criteria – follows a net tightening of 5% in the previous quarter …Read More

Markups And Fiscal Policy: Analytical Framework And An Empirical Investigation

Christou, Georgios, Chronis, Panagiotis (2017),  “Markups And Fiscal Policy: Analytical Framework And An Empirical Investigation”, Τράπεζα Της Ελλάδος, Μάρτιος 2017 The paper focuses on the effects of fiscal policy on the industry-specific profit margin of a sector of an economy. This is a deviation from the existing literature, which focuses mainly on the effects of fiscal policy on the profit margin of the economy as a whole. In this work the …Read More

Production in construction up by 6.9% in euro area up by 4.4% in EU28

Eurostat/Production in construction up by 6.9% in euro area up by 4.4% in EU28/24 Απρίλιος 2017 In February 2017 compared with January 2017, seasonally adjusted production in the construction sector increased by 6.9% in the euro area (EA19) and by 4.4% in the EU28, according to first estimates from Eurostat, the statistical office of the European Union. In January 2017, production in construction fell by 2.4% in the euro area and …Read More