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Delivering a safe asset for the euro area: A proposal for a Purple bond transition

Bini-Smaghi L., M. Marcussen, (2018), “Delivering a safe asset for the euro area: A proposal for a Purple bond transition”, Vox EU, 20 July Eurobonds are today politically unfeasible… Genuine Eurobonds with joint and several liability would bring significant benefits and stability to the euro area. Top of this list is credibility, further cementing that the euro is here to stay. Such an instrument would also price counter-cyclically as investors …Read More

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Monetary policy and household inequality

ECB (2018), “Monetary policy and household inequality”, working paper series no. 2170, July The impact of monetary policy, and specifically quantitative easing, on inequality has recently come to public attention. For example, commentators have pointed out that a prolonged reduction in policy interest rates can generate an income loss for savers holding interest-bearing assets, or that expansionary measures supporting financial asset prices are especially beneficial for the savers holding those …Read More

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The roles of economic integration and monetary policy in currency unions

A. Bertasiute, D. Massaro, M. Weber, (2018), “The roles of economic integration and monetary policy in currency unions”, VoxEU, 7 July Macroeconomics has often been criticised for assuming rational expectations. Indeed, the assumption that all firms and consumers in an economy form their expectations in full awareness of all information and all underlying relationships in the economy is extremely unrealistic. Therefore, economists have started building macroeconomic models that are based …Read More

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Currency unions mean more trade, but not for everyone

Natalie Chen, Dennis Novy, (2018), “Currency unions mean more trade, but not for everyone”, VoxEU, 9 July Currency unions are an important institutional arrangement to facilitate international trade and reduce trade costs. In the period since WWII, a total of 123 countries have been involved in a currency union at some point. By the year 2015, 83 countries continued to be involved in one. In addition, various countries are considering …Read More

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Assessing the macroeconomic impact of the EIB Group

European Investment Bank, (2018), “Assessing the macroeconomic impact of the EIB Group”, June RHOMOLO is a recursively dynamic spatial computable general equilibrium model. It has been developed and maintained by the regional economic modelling team at the European Commission’s Directorate-General Joint Research Centre (DG JRC) in cooperation with the Directorate-General for Regional and Urban Policy (DG REGIO). It is used for policy impact assessment and provides sector-, region- and time-specific …Read More

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Cryptocurrencies and monetary policy

G. Claeys, M. Demertzis & K. Efstathiou, (2018), “Cryptocurrencies and monetary policy”, Bruegel, 28 June This Policy Contribution tries to answer two main questions: can cryptocurrencies acquire the role of money? And what are the implications for central banks and monetary policy? Money is a social institution that serves as a unit of account, a medium of exchange and a store of value. With the emergence of decentralised ledger technology …Read More

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Intergenerational mobility across the world: Where socioeconomic status of parents matters the most (and least)

Ambar Narayan, Roy Van der Weide, (2018) “Intergenerational mobility across the world: Where socioeconomic status of parents matters the most (and least)”, VoxEU, 2 July A society with high (relative) intergenerational mobility is one where an individual’s wellbeing, relative to others of his or her generation, is less dependent on the socioeconomic status of his or her parents. Arguably, there are two main reasons why higher relative mobility in a …Read More

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Differences in consumption baskets across households and the distributional consequences of monetary policy

Javier Cravino, Ting Lan, Andrei Levchenko, (2018), “Differences in consumption baskets across households and the distributional consequences of monetary policy”, VoxEU, 16 June There is growing recognition that monetary policy shocks have distributional consequences. An active literature argues that monetary policy can have differential effects across various types of agents – savers versus borrowers (Doepke and Schneider 2006), the financially constrained versus the unconstrained (Williamson 2008), or young versus old …Read More

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Macroprudential tools, capital controls, and the trilemma: Insights from the Bretton Woods era

Eric Monnet, (2018), “Macroprudential tools, capital controls, and the trilemma: Insights from the Bretton Woods era”, VoxEU, 13 June Assessing how domestic monetary policy is constrained by international capital flows remains a key but open empirical and theoretical question (Farhi and Werning 2014, Shambaugh and Klein 2015, Rey 2016, Obtsfeld et al. 2017). It is often approached from the angle of the trilemma – the impossible trinity of international finance …Read More

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The Populists’ Euro

B. Eichengreen, (2018), “The Populists’ Euro”, Project Syndicate, 12 June The majority of Italians want two things: new political leadership and the euro. The question is whether they can have both. The point about new leadership is uncontroversial. The country’s two ruling populist parties, the League and the Five Star Movement (M5S), together commanded 50% of the vote in the March 4 general election, and, as a result, have majorities …Read More

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