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The Global Crisis special issue of Economic Policy

Beck, Thorsten , Schündeln, Nicola Fuchs, S. Gürkaynak, Refet, Ichino, Andrea, (2016), “The Global Crisis special issue of Economic Policy”, Voxeu, 10 Φεβρουαρίου The Global Crisis was a watershed, not just for economies around the world, but for economics as a discipline. This column introduces a special issue of Economic Policy that collects key papers on the Global Crisis published in its aftermath between 2009 and 2014. The papers chart …Read More

Can mass migration boost innovation and productivity?

Boot, Nuria, Veugelers, Reinhilde, (2016), “Can mass migration boost innovation and productivity?”, Bruegel publications, 10 Φεβρουαρίου The long-term impact of migration on innovation and productivity growth in host countries is a neglected issue in the current debate on refugees. Research shows that these effects can be substantial, but if Europe wants to capitalize on this potential it will need better information systems to match migrants’ skill sets with host environments. …Read More

A new “hard core” Europe: six founding nations want an “ever closer union”

Alexe, Dan, (2016), “A new  “hard core” Europe: six founding nations want an “ever closer union””, New Europe, 10 Φεβρουαρίου They created the European Coal and Steel Community (ECSC), the ancestor of the EU. They are at it again. The six founding nations of the European Union on Tuesday stressed their commitment to seek an “ever closer union” ahead of next week’s summit where Britain is expected to seek a new agreement to help …Read More

The Negative Rates Club

Gros, Daniel, (2016), “The Negative Rates Club”, Project Syndicate, 9 Φεβρουαρίου For the better part of a decade, central banks have been making only limited headway in curbing powerful global deflationary forces. Since 2008, the US Federal Reserve has maintained zero interest rates, while pursuing multiple waves of unprecedented balance-sheet expansion through large-scale bond purchases. Σχετικές Αναρτήσεις Tenebrarum, P. (2014) “The Consequences of Imposing Negative Interest Rates”, Acting Man Blog, …Read More

Programme For A Good, More Social And Sustainable Europe

Palmer, John, (2016), “Programme For A Good, More Social And Sustainable Europe”, Social Europe Journal, 10 Φεβρουαρίου As the pro-European, left wing British think tank, Compass, has rightly insisted, any serious project for a “Good Europe” must first confront the multiple crises facing the European Union. Mindless austerity, the retreat by EU governments from the goals of social justice and sustainable growth together with foreign and security entanglements with the cauldron …Read More

Trade in parts and components across Europe

Frensch,Richard, Hanousek, Jan, Kočenda Evžen, (2016), “Trade in parts and components across Europe”, Voxeu, 9 Φεβρουαρίου With the rise of global value chains, trade in intermediates now accounts for more than two-thirds of total trade. This column provides evidence that trade in parts and components of capital goods between new and old EU countries is driven by wage differences across countries. It further shows that wage differences play an important role in the ex ante …Read More

Should the ‘outs’ join the European banking union?

Huttl, Pia, Schoenmaker, Dirk, (2016), “Should the ‘outs’ join the European banking union?”, Bruegel publications, 4 Φεβρουαρίου This paper analyses the banking linkages between the nine ‘outs’ and 19 ‘ins’ of the banking union. It finds that the out countries could profit from joining banking union, because it would provide a stable arrangement for managing financial stability. Σχετικές Αναρτήσεις Gros, Daniel, Belke, Ansgar, (2015), “Banking Union as a Shock Absorber: …Read More

Europe’s Untapped Capital Market: Rethinking integration after the great financial crisis

Valiante, Diego, (2016), “Europe’s Untapped Capital Market: Rethinking integration after the great financial crisis”, Final Report of the European Capital Markets Experts Group, Ceps, Φεβρουαρίος In the aftermath of the great financial crisis, the lack of risk diversification in the European financial system, i.e. limited cross-border banking and capital markets activities, is the main cause of the fast retrenchment of capital flows within national boundaries. Europe needs private risk sharing …Read More

Unemployment: EMU Policymakers Focus On The Wrong Problem

Saraceno, Francesco, (2016), “Unemployment: EMU Policymakers Focus On The Wrong Problem”, Social Europe Journal, 9 Φεβρουαρίου Last week François Hollande lifted the veil on the much-awaited measures for tackling French unemployment (3.6m/10.6%), defined as a “national emergency”. The plan made the news mostly for the pledge to soften the famous 35-hour working week, which nevertheless remains vague. Besides that, the plan consists of two legs: the first is an attempt …Read More

Measuring competitiveness in Europe: resource allocation, granularity and trade

Altomonte, Carlo, Bekes, Gabor, (2016), “Measuring competitiveness in Europe: resource allocation, granularity and trade”, Brugel publications, 28 Ιανουαρίου One of the most important lessons learned during the 2008-09 financial crisis was that the informational toolbox on which policymakers base their decisions about competitiveness became outdated in terms of both data sources and data analysis. The toolbox is particularly outdated when it comes to tapping the potential of micro data for …Read More