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Ανάπτυξη μόλις 2,1% διεθνώς αναμένεται το α΄ τρίμηνο

Η Καθημερινή, (2019), «Ανάπτυξη μόλις 2,1% διεθνώς αναμένεται το α΄ τρίμηνο», 13 Μαρτίου Πληθαίνουν τα σημάδια που δικαιολογούν την απόφαση της Ομοσπονδιακής Τράπεζας των ΗΠΑ (Fed) και της Ευρωπαϊκής Κεντρικής Τράπεζας να χαλαρώσουν τη νομισματική πολιτική τους για τη στήριξη των οικονομιών τους. Ερευνα του Bloomberg Economics καταλήγει στο συμπέρασμα πως η παγκόσμια οικονομία κινείται το α΄ τρίμηνο με τον χαμηλότερο ρυθμό της τελευταίας δεκαετίας. Σχετικές Αναρτήσεις Ζωρζετ Ζολώτα, (2019), …Read More

Monetary policy and the cost of wage rigidity: Evidence from the stock market

Ester Faia and Vincenzo Pezone, (2019), «Monetary policy and the cost of wage rigidity: Evidence from the stock market», VoxEU, 12 Μαρτίου Policymakers are concerned about effecting real change with monetary policy, particularly in the context of wage rigidity. This column uses extensive Italian data to analyse the extent to which wage rigidity induced by collective bargaining amplifies the effects of monetary policy. The volatility of stock market returns reacts …Read More

Important time series evidence about the efficacy of the ECB’s balance sheet policies is flawed

Adam Elbourne, Kan Ji and Bert Smid, (2019), «Important time series evidence about the efficacy of the ECB’s balance sheet policies is flawed», VoxEU, 13 Μαρτίου Previous research has shown that changes to the size of the ECB’s balance sheet were followed by meaningful changes in macroeconomic aggregates. This column argues that the econometric technique these studies employed does not provide reliable estimates. Impulse responses to purported balance sheet shocks …Read More

ECB staff macroeconomic projections for the euro area

ECB, (2019), «ECB staff macroeconomic projections for the euro area», Μάρτιος Real GDP growth remained unexpectedly sluggish in the fourth quarter of 2018, and recent indicators point to substantially weaker than previously expected activity also in the first half of 2019. While some temporary factors are likely to have contributed to the slowdown in activity in late 2018, the broad-based worsening of economic sentiment indicators across countries and sectors in …Read More

From microeconomic favouritism to macroeconomic populism

Gilles Saint-Paul, (2019), «From microeconomic favouritism to macroeconomic populism», VoxEU, 7 Μαρτίου Macroeconomic populism typically leads to higher levels of public debt, public spending, deficits, and crises. Nevertheless, this column argues that it is rational for groups of voters to vote for a populist who reflects their interests, because they will be favoured when a fiscal adjustment occurs. The greater the fiscal adjustment required, the more likely voters are to elect a …Read More

Europe Isn’t Ready for the Next Recession

Bloomberg, (2019), «Europe Isn’t Ready for the Next Recession», 8 Μαρτίου The European Central Bank surprised financial markets yesterday with moves to loosen monetary policy. The prospects for growth in the euro zone have dimmed lately, and policy was going to be tweaked at some point unless things picked up. But a change wasn’t expected so soon. ECB President Mario Draghi and his colleagues are apparently worried. Σχετικές Αναρτήσεις Ashoka …Read More

Euro area annual inflation up to 1.5%

Eurostat/Euro area annual inflation up to 1.5%/1 Μαρτίου 2019 Euro area annual inflation is expected to be 1.5% in February 2019, up from 1.4% in January, according to a flash estimate from Eurostat, the statistical office of the European Union. Σχετικές Αναρτήσεις Eurostat/Annual inflation down to 1.4% in the euro area /22 Φεβρουαρίου 2019 Eurostat/Annual inflation down to 1.9% in the euro area/17 Δεκεμβρίου 2018

The impact of population ageing on monetary policy

Marcin Bielecki, Michal Brzoza-Brzezina and Marcin Kolasa, (2019), «The impact of population ageing on monetary policy», VoxEU, 5 Μαρτίου Population ageing is likely to affect many areas of life, from pension system sustainability to housing markets. This column shows that monetary policy can be considered another victim. Low fertility rates and increasing life expectancy substantially lower the natural rate of interest. As a consequence, central banks are more likely to …Read More

Trade and innovation: The Schumpeterian role of banks

Christian Keuschnigg and Michael Kogler, (2019), «Trade and innovation: The Schumpeterian role of banks», VoxEU, 4 Μαρτίου Only strong banks can fulfil their Schumpeterian role by efficiently reallocating credit. The column argues that high capital standards, efficient bankruptcy laws, and a lower cost of bank equity improve credit reallocation and thereby support the productive specialisation of the economy. An efficient banking sector also magnifies the gains from trade liberalisation by …Read More

Portugal can use its economic recovery to build up resilience

OECD, (2019), «Portugal can use its economic recovery to build up resilience», OECD, 18 Φεβρουαρίου Portugal’s economic recovery is now well established, with GDP back to pre-crisis levels, a substantially lower unemployment rate and renewed investment and domestic consumption now joining a robust export sector to drive the economy. Efforts should now focus on reducing vulnerabilities to build resilience to future shocks, according to a new OECD report. Σχετικές Αναρτήσεις …Read More