Blanchard, Olivier, (2016), “The US Phillips Curve: Back to the 60s?”, Peterson Institute for International Economics, Ιανουάριος. Blanchard reexamines the behavior of inflation and unemployment and reaches four conclusions: (1) Low unemployment still pushes inflation up; high unemployment pushes it down. Put another way, the US Phillips curve is alive. (2) Inflation expectations, however, have become steadily more anchored, leading to a relation between the unemployment rate and the level of inflation …Read More
How long before growth and employment are restored in Greece?
Papadimitriou, Dimitri B., Nikiforos, Michalis, Zezza, Gennaro, (2016), “How long before growth and employment are restored in Greece?”, Levy Economics Institute of Bard College, Strategic Analysis, Ιανουάριος. The Greek economy has not succeeded in restoring growth, nor it has managed to restore a climate of reduced uncertainty, which is crucial for stabilizing the business climate that promotes investment. On the contrary, a new round of austerity measures that has agreed upon will imply another year of …Read More
Βιβλιοθήκη » EE » Ελλάδα » Κοινωνία » Οικονομία » Επιστημονικά Άρθρα
Crowding Out in the Labour Market: Do Employers Lend a Hand?
Verhaest, Dieter, Bogaert, Elene, Dereymaeker, Jeroen, Mestdagh, Laura, Baert, Stijn, (2016), “Crowding Out in the Labour Market: Do Employers Lend a Hand?”, IZA, Ιανουάριος. We test the basic assumption underlying the job competition and crowding out hypothesis: that employers always prefer higher educated to lower educated individuals. To this end, we conduct a randomised field experiment in which duos of fictitious applications by bachelor and master graduates are sent to real vacancies requiring only a …Read More
Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Επιστημονικά Άρθρα
The evolution of the gender gap in industrialized countries
Olivetti, Claudia, Petrongolo, Barbara, (2016), “The evolution of the gender gap in industrialized countries”, Centre for Economic Policy Research, Ιανουάριος. Women in developed economies have made major inroads in labor markets throughout the past century, but remaining gender differences in pay and employment seem remarkably persistent. This paper documents long-run trends in female employment, working hours and relative wages for a wide cross-section of developed economies. It reviews existing work on the factors driving …Read More
Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Επιστημονικά Άρθρα
Sovereign to corporate risk spillovers
Augustin, Patrick, Boustanifar, Hamid, Breckenfelder, Johannes, Schnitzler, Jan, (2016), “Sovereign to corporate risk spillovers”, Working Paper Series No. 1878, European Central Bank, Ιανουάριος Using the announcement of the first Greek bailout on April 11, 2010, we quantify significant spillover effects from sovereign to corporate credit risk in Europe. A ten percent increase in sovereign credit risk raises corporate credit risk on average by 1.1 percent after the bailout. These effects are more …Read More
Βιβλιοθήκη » EE » Οικονομία » Πολιτική » Επιστημονικά Άρθρα
Effectiveness and Channels of Macroprudential Instruments : Lessons from the Euro Area
Tressel, Thierry, Sophia Zhang, Yuanyan, (2016), “Effectiveness and Channels of Macroprudential Instruments : Lessons from the Euro Area”, IMF Publications, 12 Ιανουαρίου The crisis has highlighted the importance of setting up macro-prudential oversight frameworks, having effective macro-prudential instruments in place to be called upon to mitigate growing financial imbalances as needed. We develop a new approach using the euro area Bank Lending Survey to assess the effectiveness of macro-prudential policies in containing credit …Read More
Βιβλιοθήκη » EE » Οικονομία » Πολιτική » Επιστημονικά Άρθρα
What strategy for a genuine single market?
Pelkmans, Jacques, (2016), “What strategy for a genuine single market?”, CEPS, Special Report No. 126, 13 Ιανουαρίου. This strategy paper focuses on making the most of the EU single market. The EU should pursue a genuine single market, and treat it as a common asset of all its citizens, economic operators and member states. The economic case to be made on behalf of the genuine single market is powerful, even more so due …Read More
Global Liquidity and Monetary Policy Autonomy-An Examination of Open-Economy Policy Constraints
Angrick, Stefan, (2015), “Global Liquidity and Monetary Policy Autonomy-An Examination of Open-Economy Policy Constraints”, IMK Working Paper 159, 8 Δεκεμβρίου. This paper examines the monetary policy constraints facing economies on a fixed peg or managed float regime, contrasting the Mundell-Fleming Trilemma view against the Compensation view commonly found at central banks. While the former holds that foreign exchange inflows and outflows affect the domestic money base, constraining monetary policy under nonfloating …Read More
Βιβλιοθήκη » EE » Οικονομία » Πολιτική » Επιστημονικά Άρθρα
Introducing a New Broad-based Index of Financial Development
Svirydzenka, Katsiaryna, (2016), “Introducing a New Broad-based Index of Financial Development”, IMF Working Paper No. 16/5, 12 Ιανουαρίου. There isa vast body of literature estimating the impact of financial development on economic growth, inequality, and economic stability. A typical empirical study approximates financial development with either one of two measures of financial depth – the ratio of private credit to GDP or stock market capitalization to GDP. However, these indicators do not …Read More
Capital shares and income inequality: Evidence from the long run
Bengtsson, Erik, Waldenström, Daniel, (2015), “Capital shares and income inequality: Evidence from the long run”, Centre for Economic Policy Research, Δεκέμβριος. This paper investigates the relationship between the capital share in national income and personal income inequality over the long run. Using a new historical cross-country database on capital shares in 19 countries and data from the World Top Income Database, we find strong long-run links between the aggregate role of capital …Read More
Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Επιστημονικά Άρθρα