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A new bargaining perspective on sovereign debt restructuring

Miller,Marcus, Ghosal,Sayantan, (2017), “A new bargaining perspective on sovereign debt restructuring”, VoxEU, 17 Απριλίου Lacking some supra-national, overseeing authority, sovereigns in default typically renegotiate with their creditors. In these negotiations, the owed principal typically receives a ‘haircut’. This column explores whether overburdened sovereign debtors can strategically leverage delay as they bargain with their creditors. Under asymmetric information, a delay in the form of offers that the debtor knows won’t be …Read More

The ECB’s announcements of non-standard measures and longer-term inflation expectations

Karadi, Peter, (2017), “The ECB’s announcements of non-standard measures and longer-term inflation expectations”, European Central Bank Research Bulletin No. 33, 18 Απριλίου Stable and well-anchored longer-term inflation expectations bolster the ability of the European Central Bank (ECB) to achieve its medium-term inflation objective. This article assesses the effectiveness of non-standard monetary policy measures in guiding longer-term inflation expectations in an environment where standard interest rate policy approaches the lower bound. …Read More

Finally, some good economic news from the Eurozone – but will it last?

Sander, Harald, (2017), “Finally, some good economic news from the Eurozone – but will it last?”, LSE EUROPP, 10 Απριλίου Eurostat figures released at the start of April show the Eurozone unemployment rate has dropped to its lowest level for almost eight years. Harald Sander writes that there are now some solid grounds for optimism about the Eurozone economy, but that after nine years of economic struggles, a great deal more …Read More

Eurozone unemployment falls to its lowest rate in 8 years

Khan Mehreen, (2017), “Eurozone unemployment falls to its lowest rate in 8 years”, Financial Times, 3 Απριλίου More than 1m people have been lifted out of unemployment in the eurozone during the past year, pushing the jobless rate to the lowest in almost eight years and underscoring how the economic recovery is gathering pace across the bloc. Factories in the eurozone also enjoyed another bumper month, reporting their highest levels …Read More

Optimal Fiscal and Monetary Policy, Debt Crisis and Management

Cantore, Cristiano, Melina, Giovanni, Pearlman, Joseph G, Levine, Paul L, (2017), “Optimal Fiscal and Monetary Policy, Debt Crisis and Management”, IMF Working Paper 17/78, 30 Μαρτίου 2017 The initial government debt-to-GDP ratio and the government’s commitment play a pivotal role in determining the welfare-optimal speed of fiscal consolidation in the management of a debt crisis. Under commitment, for low or moderate initial government debt-to-GPD ratios, the optimal consolidation is very …Read More

EU Income Inequality And The Great Recession

Vcas-Soriano, Carlos, Fernández-Macías, Enrique, (2017), “EU Income Inequality And The Great Recession”, Social Europe, 21 Μαρτίου EU-wide income inequality declined notably prior to 2008, driven by a strong process of income convergence between European countries. The Great Recession broke this trend. After 2008, income convergence has been sluggish, while inequality within many countries has increased significantly. Despite the implicit assumption stemming from many EU policy documents that European economic integration should …Read More

Chart of the Week: Inequality and the Decline in Labor Share of Income

iMFBlog, (2017), “Chart of the Week: Inequality and the Decline in Labor Share of Income”, 20 Μαρτίου As discussed in the IMF’s G20 Note, and a blog last week by IMF Managing Director Christine Lagarde, a forthcoming chapter of the World Economic Outlook seeks to understand the decline in the labor share of income (that is, the share of national income paid in wages, including benefits, to workers) in many countries …Read More

Carving out legacy assets: a successful tool for bank restructuring?

Lehmann, Alexander, (2017), “Carving out legacy assets: a successful tool for bank restructuring?”, Bruegel, 21 Μαρτίου Separating ‘legacy assets’ from banks’ core business is central to the rehabilitation of Europe’s banking system. How can Europe progress in its ongoing effort to rid the financial system of legacy assets, and equip it with renewed growth? Σχετικές Αναρτήσεις Honohan, Patrick, (2017), “Management and Resolution of Banking Crises: Lessons from Recent European Experience …Read More

The 2017 macroeconomic imbalance procedure and implementation of the 2016 country-specific recommendations

ECB, (2017), “The 2017 macroeconomic imbalance procedure and implementation of the 2016 country-specific recommendations”, ECB, 21 Μαρτίου The MIP was introduced in 2011 and is now in its sixth year of application. It seeks to prevent the emergence of harmful macroeconomic imbalances in EU countries and to correct them where they are excessive. Following a screening exercise in autumn each year on the basis of a set of indicators, the …Read More

The inflation basket case

Merler, Silvia, (2017), “The inflation basket case“, Bruegel, 17 Μαρτίου ECB President Draghi highlighted that there are no signs yet of a convincing upward trend in underlying inflation. Indeed, this stands out clearly if we look more in detail at the composition of the basket. Figure 1 shows the headline and core inflation rates for the euro area, together with the share of items in the Harmonised Consumer Price Index …Read More