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Quo Vadis? Identity, policy and the future of the European Union

Beck, Thorsten, Underhill, Geoffrey , (2017),”Quo Vadis? Identity, policy and the future of the European Union”, Vox EU, 1 Μαρτίου The aim of this eBook is to focus on the post-crisis ‘socio-economic policy’ identity of the European Union in the post-crisis period. Σχετικές Αναρτήσεις CEPS Task Force, (2017), “Regroup and Reform: Ideas for a more responsive and effective European Union”, CEPS Series: Task Force Report, Φεβρουάριος Alonso Alonso, Lucas Juan …Read More

Rethinking GDP

Coyle, Diane, (2017), “Rethinking GDP”, IMF Finance & Decelopment 54(1), Μάρτιος Why does economic growth matter? The answer for economists is that it measures an important component of social progress—namely, economic welfare, or how much benefit members of society get from the way resources are used and allocated. A look at GDP per capita over the long haul tells the story of innovation and escape from the Malthusian trap of …Read More

Fundamental uncertainty and unconventional monetary policy: an info-gap approach

Ben-Haim, Yakov, Demertzis, Maria, van den End, Jan Willem, (2017), “Fundamental uncertainty and unconventional monetary policy: an info-gap approach”, Bruegel, 28 Φεβρουαρίου This paper applies the info-gap approach to the unconventional monetary policy of the Eurosystem and so takes into account the fundamental uncertainty on inflation shocks and the transmission mechanism. The outcomes show that a more demanding monetary strategy, in terms of lower tolerance for output and inflation gaps, entails …Read More

Whither Economic Growth?

Crafts, Nicholas, (2017), “Whither Economic Growth?”, IMF Finance & Development 54(1), Μάρτιος It seems like only yesterday that the so-called new economy was ascendant and growth expectations were buoyant. But today there is a widespread fear of a future of secular stagnation, in which very slow growth will be the new normal—especially in advanced economies. While it is clear that the turn-of-the-century optimism was not justified, it is also possible …Read More

Επισπεύδει τα στρες τεστ των ευρωπαϊκών τραπεζών η ΕΒΑ

Καθημερινή, (2017), “Επισπεύδει τα στρες τεστ των ευρωπαϊκών τραπεζών η ΕΒΑ”, 1 Μαρτίου Οι ευρωπαϊκές τράπεζες έχουν λιγότερο από ένα έτος στη διάθεσή τους για να συγκεντρώσουν 159 δισ. ευρώ και να συμμορφωθούν με τους νέους μακροπρόθεσμους κανόνες περί κεφαλαιακής επάρκειας, ανακοίνωσε χθες η Ευρωπαϊκή Τραπεζική Αρχή. Παράλληλα, η ΕΒΑ επισπεύδει τις επόμενες δοκιμασίες αντοχής που θα διεξαχθούν από τις αρχές του 2018, και τα αποτελέσματα θα δημοσιευθούν στα μέσα …Read More

GDP-linked bonds: A primer

Cecchetti, Stephen, Schoenholtzm Kim, (2017), “GDP-linked bonds: A primer “, VoxEu, 1 Μαρτίου Policymakers and economists have been looking for ways to make it easier to manage increasing debt burdens. This column assesses one possible solution: GDP-linked bonds that tie the size of debt payments to an economy’s wellbeing. There are clear benefits to a government from issuing GDP-linked bonds, but establishing investor confidence in these instruments will require a …Read More

Stubborn Germans: Stuck In Austerity/Stability

Hacker, Björn, Koch, Cédric , (2017), “Stubborn Germans: Stuck In Austerity/Stability”, Social Europe, 27 Φεβρουαρίου Led by the current and previous federal government under Chancellor Angela Merkel and her CDU, the advocates of a stability union for the most part favour preservation of the status quo of the EMU architecture. The fundamental reasons for the Eurozone crisis are from this angle to be blamed on the failure of the crisis states …Read More

Growth Of Minimum Wages Accelerates Across Europe

Fric, Karel, (2017), “Growth Of Minimum Wages Accelerates Across Europe”, Social Europe, 27 Φεβρουαρίου The growth in average (nominal) pay of employees has accelerated in recent years in EU countries after a slump following the economic crisis (AMECO data). Similar developments show up in data on collectively agreed wages. However, higher wage growth figures do not automatically mean that all employees benefit equally. On 14 February 2017, the European Trade …Read More

Foreign booms, domestic busts: The global dimension of banking crises

Cesa-Bianchi, Ambrogio, Martin, Fernando Eguren, Thwaites, Gregory, (2017), “Foreign booms, domestic busts: The global dimension of banking crises”, VoxEu, 23 Φεβρουαρίου Banking crises tend to happen in ‘waves’ across countries. In examining why this occurs, this column shows how foreign financial developments in general, and global credit growth in particular, are powerful predictors of domestic banking crises. The channels seem to be financial rather than related to trade, and include transmission …Read More

Governments and Promised Fiscal Consolidations : Do They Mean What They Say?

Mulas-Granados, Carlos, Jalles, João Tovar, Schena, Michela, Gupta, Sanjeev, (2017), “Governments and Promised Fiscal Consolidations : Do They Mean What They Say?”, IMF Working Papers No. 17/39, 23 Φεβρουαρίου This paper analyses the causes and consequences of fiscal consolidation promise gaps, defined as the distance between planned fiscal adjustments and actual consolidations. Using 74 consolidation episodes derived from the narrative approach in 17 advanced economies during 1978 – 2015, the paper …Read More