Carlo Alcaraz,  Stijn Claessens, Gabriel Cuadra, David Marques-Ibanez and Horacio Sapriza, (2019), “Whatever it takes: what’s the impact of a major nonconventional monetary policy intervention?”, ECB Working Paper Series No2249, Μάρτιος We assess how a major, unconventional central bank intervention, Draghi’s “whatever it takes” speech, affected lending conditions. Similar to other large interventions, it responded to adverse financial and macroeconomic developments that also influenced the supply and demand for credit. …Read More

Alvaro Leandro and Jeromin Zettelmeyer, (2019), “Ηow Worrying Is the Recent Downgrading of German Growth Forecasts?”, Peterson Institute for International Economics, 15 Μαρτίου Growth in Germany has been very weak since the third quarter of 2018. The reason is a combination of one-off factors, including a drought and a new EU emissions testing procedure, which held back car sales last year, as well as cooling demand for German exports. As …Read More

Adam Tooze, (2019), “What are central banks for?”, Social Europe, 18 Μαρτίου The eurozone remains mired in unemployment while the European Central Bank targets only inflation. Adam Tooze begins a series of Social Europe columns by explaining the hidden history of the Fed’s more successful dual mandate. Σχετικές Αναρτήσεις Gregory Claeys, Maria Demertzis and Jan Mazzaa, (2018), «Monetary policy framework for the European Central Bank to deal with uncertainty», Bruegel, …Read More

Craig Stirling, (2019), “Draghi Makes Sure Stimulus Lives On Even After He Leaves the ECB”, Bloomberg, 15 Μαρτίου Mario Draghi’s latest stimulus salvo means his successor as European Central Bank chief may not be forced into the kind of monetary policy U-turn he once faced. Σχετικές Αναρτήσεις Bloomberg, (2019), «Europe Isn’t Ready for the Next Recession», 8 Μαρτίου Ashoka Mody, (2019), «The ECB has reached its political limits. Its consequences …Read More

Η Καθημερινή, (2019), “Αυξηση ΑΕΠ 0,6% βλέπει φέτος το Ifo για τη Γερμανία”, 15 Μαρτίου Ο ρυθμός ανάπτυξης της γερμανικής οικονομίας θα περιοριστεί σε μόλις 0,6% το 2019, προέβλεψε χθες το οικονομικό ινστιτούτο Ifo του Μονάχου, διότι η επιβράδυνση της παγκόσμιας οικονομίας θα οδηγήσει σε σημαντική εξασθένηση της ζήτησης για γερμανικά βιομηχανικά προϊόντα. Προηγουμένως το Ifo προέβλεπε ρυθμό ανάπτυξης 1,1% για το 2019, ενώ το 2018 το ΑΕΠ της Γερμανίας …Read More

Joshua Kirschenbaum and NicolasVeron, (2019), “The European Union must change its supervisory architecture to fight money laundering”, 26 Φεβρουαρίου Money laundering scandals at EU banks, often linked to Russia, have become pervasive. Reform of anti–money laundering (AML) supervision is urgent. Illicit actors have repeatedly moved billions of dollars through individual banks. This flow sustains the Kremlin’s patronage system at home by serving as an outlet for elites while it simultaneously …Read More

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

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

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