Decressin, Jorg, Loungani, Prakash, (2015), “The Effects of Wage Moderation: Can Internal Devaluations Work?“, IMF Direct, 17 Νοεμβρίου Devaluation is often part of the remedy for a country in financial trouble. Devaluation boosts the competitiveness of a country’s exports and curtails imports by making them more costly. Together, the higher exports and the reduced imports generate some of the financial resources needed to help the country get out of trouble. Σχετικές Αναρτήσεις …Read More
Economics Rules: The Rights and Wrongs of the Dismal Science
Rodrik, Dani, (2015), “Economics Rules: The Rights and Wrongs of the Dismal Science”, W. W. Norton & Company, Inc Publications, Οκτώβριος. In the wake of the financial crisis and the Great Recession, economics seems anything but a science. In this sharp, masterfully argued book, Dani Rodrik, a leading critic from within, takes a close look at economics to examine when it falls short and when it works, to give a surprisingly upbeat …Read More
Βιβλιοθήκη » EE » Οικονομία » Βιβλία
Rebooting the Eurozone: Step 1 – agreeing a crisis narrative
Baldwin, Richard, Beck, Thorsten, Bénassy-Quéré, Agnès, Blanchard, Olivier, Corsetti, Giancarlo, de Grauwe, Paul, den Haan, Wouter Giavazzi, Francesco, Gros, Daniel, Kalemli-Ozcan, Sebnem, Micossi, Stefano, Papaioannou, Elias, Pesenti, Paolo, Pissarides, Christopher, Tabellini, Guido, Weder di Mauro, Beatrice, (2015), “Rebooting the Eurozone: Step 1 – agreeing a crisis narrative”, Centre for Economic Policy Research, 19 Νοεμβρίου. The Eurozone Crisis, which broke out in May 2010, is a long way from finished. Worse yet, many of the fragilities and imbalances that primed the monetary union for the …Read More
Tax reforms in EU Member States 2015-Tax policy challenges for economic growth and fiscal sustainability
European Commission, (2015),”Tax reforms in EU Member States 2015-Tax policy challenges for economic growth and fiscal sustainability”, Directorate General for Economic and Financial Affairs (ECFIN) and Directorate General for Taxation and Customs Union (TAXUD), European Economy/Institutional Paper 008/September 2015, Νοέμβριος. The report ‘Tax reforms in EU Member States’ serves four main purposes. Firstly, it reviews the most important tax reforms recently implemented in EU Member States. Secondly, it discusses a number …Read More
Βιβλιοθήκη » EE » Οικονομία » Πολιτική » Εκθέσεις-Μελέτες
Squaring the cycle: capital flows, financial cycles, and macro-prudential policy in the euro area
Merler, Silvia, (2015), ” Squaring the cycle: capital flows, financial cycles, and macro-prudential policy in the euro area”, Bruegel Publications, Νοέμβριος. The financial crisis has prompted a renewed interest in macro-prudential policy as a framework to address the stability of the financial system as a whole, rather than only its individual components. The purpose of this paper is to contribute to the European macro-prudential discussion by establishing empirically the special challenges that …Read More
Βιβλιοθήκη » EE » Οικονομία » Πολιτική » Επιστημονικά Άρθρα
The Greek and Icelandic IMF programmes compared
Katsimi, Margarita, Zoega, Gylfi, (2015), “The Greek and Icelandic IMF programmes compared”, Voxeu, 19 Νοεμβρίου. Iceland and Greece were both seriously affected by the Global Crisis, yet their experiences with the implemented IMF programmes have been quite different. In Iceland the programme has been a success, whereas the one in Greece has been a failure. This column explains why this happened. First, Iceland’s external debt was de jure private, while Greece’s …Read More
Βιβλιοθήκη » EE » Ελλάδα » Οικονομία » Άρθρα Γνώμης
Steady as She Goes— Estimating Potential Output During Financial “Booms and Busts”
Berger, Helge, Dowling, Thomas, Lanau, Sergi, Lian, Weicheng, Mrkaic, Mico, Rabanal, Pau, Sanjani, Marzie Taheri, (2015), “Steady as She Goes— Estimating Potential Output During Financial “Booms and Busts””, IMF, 6 Νοεμβρίου. Potential output—in the sense of the GDP level or path an economy can sustain over the medium term—is a crucial benchmark for policymakers. However, it is difficult to estimate when financial “booms and busts” are driving the real economy. This paper uses a simple multivariate filtering approach …Read More
Naughty students or the wrong school: why is the European Semester proving ineffective?
Darvas, Zsolt, Leandro, Álvaro, (2015), “Naughty students or the wrong school: why is the European Semester proving ineffective?”, Bruegel Blog, 18 Νοεμβρίου. The fundamental problem of economic policy coordination in the EU is that national policymakers are accountable to their national parliaments and focus on national interests, which in many cases differ widely in different member states. It is therefore not all that surprising that economic policy coordination in the EU hardly …Read More
Βιβλιοθήκη » EE » Οικονομία » Πολιτική » Άρθρα Γνώμης
Wage Moderation in Crises-Policy Considerations and Applications to the Euro Area
Decressin, Jörg, Espinoza, Raphael, Halikias, Ioannis, Leigh, Daniel, Loungani, Prakash, Medas, Paulo, Mursula, Susanna, Schindler, Martin, Spilimbergo, Antonio, Xu,TengTeng, (2015), “Wage Moderation in Crises-Policy Considerations and Applications to the Euro Area”, IMF, Νοέμβριος. This paper discusses the short-run economic impact of wage moderation and the implications for policy in the context of the euro area crisis, with a focus on the roles of monetary policy and the zero lower bound (ZLB). It explores the channels …Read More
Βιβλιοθήκη » EE » Οικονομία » Πολιτική » Εκθέσεις-Μελέτες
The Distribution of Debt Across Euro Area Countries: The Role of Individual Characteristics, Institutions and Credit Conditions
Bover, Olympia, Casado, José Maria, Costa, Sonia, Du Caju, Philip, McCarthy,Yvonne, Sierminska, Eva, Tzamourani, Panagiota, Villanueva, Ernesto, Zavadil,Tibor, (2015), “The Distribution of Debt Across Euro Area Countries: The Role of Individual Characteristics, Institutions and Credit Conditions”, Centre for Economic Policy Research, Νοέμβριος. The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics. We consider three different …Read More