Lalik, Magdalena, (2017), “Interactions between fiscal multipliers and sovereign risk premium during fiscal consolidation: model based assessment for the euro area”, ECB Working Paper Series No 2016, Φεβρουάριος The paper presents a model-based assessment of fiscal multipliers operating in the euro area during the period 2011-2014. The assessment is conditional on two distinct reactions of the sovereign risk premium (either responding endogenously to fiscal shocks or being an exogenous process) …Read More
The Rise Of The “Super Firms” And Inequality
Janssen, Ronald, (2017, “The Rise Of The “Super Firms” And Inequality”, Social Europe, 9 Φεβρουαρίου Mainstream economic thinking often tries to explain the trend of high and rising inequalities by referring to the forces of technology. Technological progress, so the argument goes, works to destroy middle pay routine jobs while at the same time creating many high skilled jobs. There is, however, increasing recognition that this ‘technology’ factor is but part …Read More
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The losers from credit crunches
Berton, Fabio , Mocetti, Sauro , Presbitero, Andrea , Richiardi, Matteo , (2017), “The losers from credit crunches”, VoxEu, 9 Φεβρουαρίου In the aftermath of the Global Crisis, a severe credit crunch has had long-lasting consequences for a number of economies. Trade has collapsed (Paravisini et al 2011), investment expenditure has shrunk significantly (Cingano et al. 2016), and unemployment rates have increased markedly (e.g. Clements et al. 2012). These developments …Read More
New eBook: Misallocation in Europe during the Global Crisis: Some stylised facts
Banerjee, Biswajit, Coricelli, Fabrizio, (2017), “New eBook: Misallocation in Europe during the Global Crisis: Some stylised facts “, VoxEu, 8 Φεβρουαρίου Financial markets and the banking sectors in several European countries are still struggling to recover from the Global crisis, with many instances of unresolved problems involving bad loans and fragility of banks. This column introduces a new CEPR eBook, drawing on research presented at the first conference of the European …Read More
Does growth lead to inequality? It depends.
Causa, Orsetta, Hermansen, Mikkel, Ruiz, Nicolas, (2017), “Does growth lead to inequality? It depends.”, Structural Surveillance Division, OECD Economics Department, 10 Ιανουαρίου Widespread increases in inequality over the past three decades have raised the question of whether growth in itself is a driver of income inequality. Considering that correlation often tells little about causation, this question is less trivial than may appear at first glance. Indeed, the concomitant rise in …Read More
Bank Lending Constraints in the Euro Area
Monteiro, Daniel P., Priftis, Romanos, (2017), “Bank Lending Constraints in the Euro Area”, European Commission Discussion Paper 043, 6 Φεβρουαρίου This paper constructs stylized scenarios to assess the lending constraints faced by the banking sectors of euro area Member States arising from a combination of low profitability, adverse bank equity markets and the phase in of new capital requirements. In this connection, it also presents a comprehensive review of the potential sources …Read More
Strengthening Economic Resilience: Insights From The Post-1970 Record Of Severe Recessions And Financial Crises
Caldera-Sánchez, Aida , de Serres, Alain, Gori, Filippo, Hermansen, Mikkel, Röhn, Oliver, (2017), “Strengthening Economic Resilience: Insights From The Post-1970 Record Of Severe Recessions And Financial Crises”, OECD, December 2016 No. 20, Φεβρουάριος The global financial crisis marked a turning point for the assessment of macroeconomic risks in developed countries. Following a period characterised by positive growth dynamics and overall macroeconomic stability, the 2008-09 economic turmoil served as a powerful reminder …Read More
Is Germany a currency manipulator?
Merler, Sylvia, (2017), “Is Germany a currency manipulator?”, Bruegel, 6 Φεβρουαρίου Paul Krugman argues that Navarro is right and wrong at the same time. Germany in effect has an undervalued currency relative to what it would have without the euro, against its neighbors. This is the result of a large real depreciation during the euro’s good years, which has only been partly reversed, because wages are downward sticky, and Germany …Read More
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Low inflation in the euro area: Causes and consequences
Ciccarelli, Matteo, Osbat, Chiara, (2017), “Low inflation in the euro area: Causes and consequences”, ECB Occasional Paper Series No 181, Ιανουάριος This paper investigates the causes and consequences of low inflation in the euro area after 2012 and analyses whether monetary policy has been successful in dampening the risks associated to low inflation. The paper finds that the missing inflation was primarily due to cyclical factors – domestic in the earlier part …Read More
Making the best of the European single market
Aussilloux, Vincent, Benassy-Quere, Agnes, Fuest, Clemens, Wolff, Guntram B., (2017), “Making the best of the European single market”, Bruegel, 2 Φεβρουαρίου Now more than ever, the EU needs to address concerns about the significant decline in productivity growth and the increasing perception of unfairness. Completing the single market would unlock the EU’s growth potential. At the same time, the EU should empower member states to fight inequality by helping them …Read More
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