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Chronic material deprivation and long-term poverty in Europe in the pre-crisis period

Papadopoulos, Fotis, Tsakloglou, Panos, (2015), “Chronic material deprivation and long-term poverty in Europe in the pre-crisis period”, Improve, Discussion Paper No. 15/16, Νοέμβριος In recent years research on the measurement of deprivation focuses increasingly on indices of multidimensional disadvantage rather than on more traditional uni-dimensional approaches of earlier studies that were focusing on income poverty. Further, the advent of panel survey data led to a large number of empirical studies that …Read More

The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle?

Hagedorn, Marcus, Manovskii, Iourii, Mitman, Kurt, (2016), “The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle?”, Centre for Economic Policy Research, Ιανουάριος. We measure the aggregate effect of unemployment benefit duration on employment and the labor force. We exploit the variation induced by Congress’ failure in December 2013 to reauthorize the unprecedented benefit extensions introduced during the Great Recession. Federal benefit extensions that ranged from 0 to 47 weeks across …Read More

The crisis and regional employment in Europe: what role for sheltered economies?

Fratesi, Ugo, Rodríguez-Pose, Andrés, (2016), “The crisis and regional employment in Europe: what role for sheltered economies?”, Centre for Economic Policy Research, Ιανουάριος. This paper examines how the evolution of employment trends in the regions of Europe since the outbreak of the crisis may have been shaped by the emergence of sheltered economies in certain regions of Europe in the pre-crisis period. The paper uses descriptive and econometric analysis to determine the relationship …Read More

Reserve accumulation, inflation and moral hazard: Evidence from a natural experiment

Chitiu, Livia, (2016), “Reserve accumulation, inflation and moral hazard: Evidence from a natural experiment”, ECB Working Paper Series No. 1880, Ιανουάριος This paper assesses whether international reserve accumulation can be inflationary because of moral hazard and incentive effects. It tests the hypothesis that an increase in international reserves may incentivise countries to become complacent and pursue less prudent policies due to the perceived safety provided by higher reserve holdings. Σχετικές …Read More

The Lender of Last Resort Function after the Global Financial Crisis

Dobler, Marc, Gray, Simon,  Murphy, Diarmuid, Radzewicz-Bak, Bozena, (2016), “The Lender of Last Resort Function after the Global Financial Crisis”, IMF Working Paper No. 16/10, 22 Ιανουαρίου The global financial crisis (GFC) has renewed interest in emergency liquidity support (sometimes referred to as “Lender of Last Resort”) provided by central banks to financial institutions and challenged the traditional way of conducting these operations. Despite a vast literature on the topic, central bank approaches …Read More

Adjustment within the Euro Area: Is it all about competitiveness?

Gros, Daniel, (2016), “Adjustment within the Euro Area: Is it all about competitiveness?”, CEPS,  Special Report No. 127, 25 Ιανουαρίου The key problem afflicting the eurozone today seems clear: the periphery experienced a large loss of competitiveness during the boom years. In order for these economies to recover, they must restore their competitiveness, ideally by increasing productivity. This contribution shows, however, that the story line is not that straightforward. The drivers of competitiveness …Read More

Risks of Stagnation in the Euro Area

Lin, Huidan, (2016), “Risks of Stagnation in the Euro Area”, IMF Working Paper No. 16/9, 22 Ιανουαρίου This paper discusses the risks of stagnation over the medium term in the euro area. It examines the consequences of longer-term growth trends that predate the crisis and the progress made in addressing the crisis legacies of high unemployment and debt. The paper illustrates in a downside scenario, how low potential growth and crisis legacies …Read More

The Protocol of Frankfurt: a new treaty for the eurozone

Duff, Andrew, (2016), “The Protocol of Frankfurt: a new treaty for the eurozone”, European Policy Centre, 12 Ιανουαρίου. At a time when the EU finds itself in a perfect storm of crises which it seems unable to overcome, a bold move is needed to reinvigorate the EU’s system of government and stave off the risk of disintegration. In order to address the inherent weakness of the EU’s monetary and economic governance, …Read More

The Labor Market Performance of Immigrants in Germany

Beyer, Robert C. M., (2016), “The Labor Market Performance of Immigrants in Germany”, IMF Working Paper No. 16/6, 21 Ιανουαρίου. The paper uses a large survey (GSOEP) to analyze the labor market performance of immigrants in Germany. It finds that new immigrant workers earn on average 20 percent less than native workers with otherwise identical characteristics. The gap is smaller for immigrants from advanced countries, with good German language skills, and with …Read More

Social insurance with competitive insurance markets and risk misperception

Cremer, Helmuth, Roeder, Kerstin, (2016), “Social insurance with competitive insurance markets and risk misperception”, Centre for Economic Policy Research, Ιανουάριος. This paper considers an economy where individuals differ in productivity and in risk. Rochet (1991) has shown that when private insurance markets offer full coverage at fair rates, social insurance is desirable if and only if risk and productivity are negatively correlated. This condition is usually shown to be satisfied for many health risks, …Read More