Dell’Ariccia, Giovanni, Igan, Deniz, Laeven, Luc, Tong, Hui, (2016), “Credit booms and macrofinancial stability”, Economic Policy, Volume 31, Issue 86, 31 Μαρτίου This paper explores several questions about credit booms and busts: When do credit booms occur? When do they end up in busts, and when do they not? What are the implications for different policies if curbing credit growth and/or mitigating the associated risks is an objective? We find that credit booms are often associated …Read More
Optimal Adjustment Paths in a Monetary Union
Belke, Ansgar, Gros, Daniel, (2016), “Optimal Adjustment Paths in a Monetary Union”, CEPS Working Document No. 424, Ιούλιος Adjustment to an external imbalance is more difficult within a monetary union if wages are sticky. Periods of high unemployment are usually necessary to achieve the required real depreciation (internal devaluation). Gradual adjustment is usually recommended to distribute the output and employment cost over time. This paper takes into account that gradual adjustment also …Read More
The EU’s problem-solving capacity and legitimacy in a crisis context: a virtuous or vicious circle?
Falkner, Gerda, (2016), “The EU’s problem-solving capacity and legitimacy in a crisis context: a virtuous or vicious circle?”, West European Politics, Volume 39, Issue 5, 16 Ιουνίου This article focuses on which mechanisms enabled the eurozone to escape from gridlock. At present, the EU is in a state of profound and multiple crises. Nonetheless, it managed to bring about a medium-term stabilisation of its banking system and economic governance, and a systemic implosion …Read More
Consumption Inequality
Attanasio, Orazio P., Pistaferri, Luigi, (2016), “Consumption Inequality”, Journal of Economic Perspectives, Volume 30, Number 2, Spring 2016 In this essay, we discuss the importance of consumption inequality in the debate concerning the measurement of disparities in economic well-being. We summarize the advantages and disadvantages of using consumption as opposed to income for measuring trends in economic well-being. We critically evaluate the available evidence on these trends, and in particular discuss how …Read More
The impact of the crisis on fiscal convergence in the EU: the early signs
Censoloa, Roberto, Colombo, Caterina, (2016), “The impact of the crisis on fiscal convergence in the EU: the early signs”, Journal of European Integration, 29 Απριλίου This article investigates the early signs of the impact of the financial crisis on fiscal convergence within the EU. Over the 2004–2012 period, we offer a comprehensive picture of the convergence pattern by considering the key fiscal aggregates and the main economic and functional components of total …Read More
The Problem that Wasn’t: Coordination Failures in Sovereign Debt Restructurings
Bi, Ran, Chamon, Marcos, Zettelmeyer, Jeromin, (2016), “The Problem that Wasn’t: Coordination Failures in Sovereign Debt Restructurings”, IMF Economic Review, 28 Ιουνίου Contrary to widespread expectation, emerging market debt renegotiations in the era of bond finance have generally been quick and involved little litigation. This paper presents a model that rationalizes some of the initial fears and offers two interpretations for why they did not come true. First, when debt exchange offers …Read More
Fleeing the centre: the rise of challenger parties in the aftermath of the euro crisis
Hobolt, Sara B., Tilley, James, (2016), “Fleeing the centre: the rise of challenger parties in the aftermath of the euro crisis”, West European Politics, 16 Ιουνίου This article argues that both sanctioning and selection mechanisms can help to explain this flight from the centre to challenger parties. First, voters who were economically adversely affected by the crisis punish mainstream parties both in government and in opposition by voting for challenger …Read More
Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Επιστημονικά Άρθρα
Increasingly unequal? The economic crisis, social inequalities and trust in the European Parliament in 20 European countries
Sani, Giulia M. Dotti, Magistro, Beatrice, (2016), “Increasingly unequal? The economic crisis, social inequalities and trust in the European Parliament in 20 European countries”, European Journal of Political Research, 13 Ιανουαρίου The 2008/2009 economic crisis has been identified as an important element contributing to declining trust in institutions in Europe and worldwide. However, it is unclear whether this decline in trust is distributed homogenously among citizens or whether there are differences …Read More
Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Επιστημονικά Άρθρα
Monetary Policy, Financial Conditions, and Financial Stability
Adrian, Tobias, Liang, Nellie, (2016), “Monetary Policy, Financial Conditions, and Financial Stability”,CEPR DP 11394, Ιούλιος We review a growing literature that incorporates endogenous risk premiums and risk taking in the conduct of monetary policy. Accommodative policy can create an inter-temporal tradeoff between improving current financial conditions at a cost of increasing future financial vulnerabilities. In the U.S., structural and cyclical macroprudential tools to reduce vulnerabilities at banks are being implemented, but may not …Read More
Structural reform support programme 2017-2020
Widuto, Agnieszka, (2016), “Structural reform support programme 2017-2020”, European Parliament, Ιούλιος Structural reforms have been identified as crucial to accelerating economic recovery, boosting growth and reducing unemployment. In November 2015, the European Commission proposed to establish the Structural Reform Support Programme 2017- 2020, to provide Member States with technical assistance in designing and implementing structural reforms, with a budget of €142.8 million taken from existing allocations to the structural and investment …Read More