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Matching research and innovation policies in EU countries

Veugelers, Reinhilde, (2015), “Matching research and innovation policies in EU countries”, Bruegel publications, 22 December Europe has lofty ambitions for building a socially and environmentally sustainable future on the basis of growth and prosperity through innovation. Despite these policies and pronouncements, Europe’s performance on innovation remains weak. In this context, Rienhilde Veugelers assesses whether the deployment of innovation policy instruments in EU countries matches their innovation capacity performance relative to …Read More

Re-examining the Middle Income Trap Hypothesis: What to Reject and What to Revive?

Han, Xuehui, Wei, Shang-Jin, (2015), “Re-examining the Middle Income Trap Hypothesis: What to Reject and What to Revive?”, Centre for Economic Policy Research, December. Do middle-income countries face difficult challenges producing consistent growth? Using transition matrix analysis, we can easily reject any unconditional notion of a “middle-income trap” in the data. However, countries have different fundamentals and policies. Using a non-parametric classification technique, we search for variables that separate fast- and slow-growing countries. For …Read More

Fiscal Consolidation During Times of High Unemployment: The Role of Productivity Gains and Wage Restraint

Lama, Ruy, Guzman Medina, Juan Pablo, (2015), “Fiscal Consolidation During Times of High Unemployment: The Role of Productivity Gains and Wage Restraint”, IMF Papers, 10 December. This paper studies the Swedish fiscal consolidation episode of the 1990s through the lens of a small open economy model with distortionary taxation and unemployment. We argue that the simultaneous reduction in the fiscal deficit and unemployment rate in this episode stems from two factors: (i) high …Read More

The importance of wealth concentration and why it is so difficult to measure

Alvaredo, Facundo, Atkinson, Tony, Morelli, Salvatore, (2015),“The importance of wealth concentration and why it is so difficult to measure”, Voxeu, 8 December. The concentration of personal wealth has received a lot of attention since the publication of Thomas Piketty’s Capital in the 21st Century. This column investigates the UK and finds wealth distribution to be highly concentrated. The data seem to suggest that the top wealth share has increased in the UK …Read More

How to avert the risk of deflation in Europe: rethinking the policy mix and European economic governance

Theodoropoulou, Sotiria, (2015), “How to avert the risk of deflation in Europe: rethinking the policy mix and European economic governance”, European trade union institute, No 16, 2015. This policy brief discusses the risks of deflation for the European economy. It critically evaluates the European economic governance for not having averted this risk and discusses how a more coordinated approach to both fiscal policy and collective wage bargaining, both aiming at national …Read More

How Inequality Kills

Stiglitz, Joseph, (2015), “How Inequality Kills”, Social Europe Journal, 8 December This week, Angus Deaton will receive the Nobel Memorial Prize in Economics “for his analysis of consumption, poverty, and welfare.” Deservedly so. Indeed, soon after the award was announced in October, Deaton published some startling work with Ann Case in the Proceedings of the National Academy of Sciences – research that is at least as newsworthy as the Nobel ceremony. Relevant Posts Alfani, Guido, Ryckbosch, Wouter, (2015), “Income inequality …Read More

The aftermath of the Greek Elections: Who voted for who?

Bougioukos, Vasileios, Casey, Bernard, (2015), “The aftermath of the Greek Elections: Who voted for who?”, Lse blog, 7 December Of course, the main story, apart from the fact that Syriza won, was that more people than ever before didn’t vote at all. Abstention reached a record level of 44 per cent.Nonetheless, and especially in the light of the HO seminar of 24 November where who voted for Golden Dawn (GD) and why was …Read More

The Nordic Labor Market and Migration

Ho, Giang, Shirono, Kazuko, (2015), “The Nordic Labor Market and Migration”, IMF papers, 4 December The large influx of migrants to Nordic countries in recent years is challenging the adoptability of Nordic labor market institutions while also adding to potential growth. This paper examines the trends, economic drivers, and labor market implications of migration to Nordic countries with a particular focus on economic migration as distinct from the recent large flows of …Read More

The puzzle of technical dis-employment and productivity slowdown

Cohen-Setton, Jeremie, (2015), “The puzzle of technical dis-employment and productivity slowdown”, Bruegel, 7 December What’s at stake: Larry Summers made an important speech a few weeks ago at a Peterson Institute conference on the productivity slowdown arguing it is hard to see how recent technical change could both be a major source of dis-employment and not be associated with productivity improvement. Relevant Posts Caliendo, Marco, Schmidl, Ricarda, (2015), “Youth Unemployment and Active …Read More

Distributional consequences of asset price inflation in the Eurozone

Adam, Klaus, Tzamourani, Panagiota, (2015), “Distributional consequences of asset price inflation in the Eurozone”, Voxeu, 3 December. Central banks’ unconventional monetary policy measures are often accompanied by asset price changes. This column investigates the distributional effects associated with asset price increases. The findings show that house price increases lead to a significant decrease in net wealth inequality in the Eurozone, whereas equity price increases lead to a significant rise in inequality. Bond …Read More