Frankel, J. (2014) “Why so many commodity prices are down in the US, yet up in Europe“, VoxEU Organisation, 24 Δεκεμβρίου. Commodity prices have been falling in the US. This column argues that monetary policy has played a determining role in the falling prices trend. Monetary tightening is highly anticipated in the US, which is likely to raise short-term interest rates. At the same time, the ECB and Bank …Read More
Christmas economics: Challenging some common beliefs
Birg, L. & Goeddeke, A. (2014) “Christmas economics: Challenging some common beliefs“, VoxEU Organisation, 24 Δεκεμβρίου. Christmas may be not so merry as we hope. Economists have argued that gift giving is an inefficient way to allocate resources, and it is widely suggested that Christmas brings a peak in prices and the number of suicides, or even disrupts the business cycle. This column discusses some conventional wisdom about Christmas …Read More
Understanding Piketty: Merit and rent in a growing economy
Minelli, Ε. (2014) “Understanding Piketty: Merit and rent in a growing economy“, VoxEU Organisation, 19 Δεκεμβρίου. Growth and inequality are back at the centre of the economic debate. This column presents a framework for interpreting Thomas Piketty’s data based on Paul Romer’s model of endogenous growth. Two balanced growth regimes are possible in this framework: one (‘merit’) with a low capital–output ratio, a high interest rate, and high growth; …Read More
Central-bank credibility, reputation and inflation targeting in historical perspective
Bordo, M. & Siklos, P. (2014) “Central-bank credibility, reputation and inflation targeting in historical perspective“, VoxEU Organisation, 12 Δεκεμβρίου. Central bank credibility is critically linked to communication and commitment. This column analyses the historical evolution of credibility, showing its prewar peak and the subsequent dip from which it did not fully recover until the 1980s. Inflation targeting has played a key role in establishing credibility in both developed and …Read More
Βιβλιοθήκη » EE » Οικονομία » Πολιτική » Επιστημονικά Άρθρα
Putting an accurate price tag on government credit support
Lucas, D. (2014) “Putting an accurate price tag on government credit support“, VoxEU Organisation, 05 Δεκεμβρίου. Governments run the world’s largest financial institutions. The size of government activities has grown in recent decades but comprehensive estimates are unavailable. This column presents new evidence on the costs of government credit support. It argues that governments tend to understate credit costs and the consequences of that could be considerable. Cost underreporting …Read More
Βιβλιοθήκη » EE » Οικονομία » Πολιτική » Επιστημονικά Άρθρα
An International Cohort Comparison of Size Effects on Job Growth
Michael Anyadike-Danes, Carl-Magnus Bjuggren, Sandra Gottschalk, Werner Hölzl, Dan Johansson, Mika Maliranta, and Anja Myrann (2014) “An International Cohort Comparison of Size Effects on Job Growth“, Discussion Paper No. 14-102, Centre for European Economic Research (ZEW), Οκτώβριος. Abstract The contribution of different-sized businesses to job creation continues to attract policymakers’ attention, however, it has recently been recognized that conclusions about size were confounded with the effect of age. We …Read More
Structural reforms at the zero bound
Vogel, L. (2014) “Structural reforms at the zero bound“, European Economy – Economic Papers. Νο. 537, European Commission Publications, Νοέμβριος 2014: Βρυξέλλες. This paper uses the European Commission’s QUEST macroeconomic model to analyse the impact of structural reforms on economic activity in an environment in which the zero bound on monetary policy rates is temporarily binding. The simulations suggest that although such reforms can have a negative impact on …Read More
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Cultural diversity and entrepreneurship: Evidence from England and Wales
Rodríguez-Pose, Α. & Hardy, C. D. (2014) “Cultural diversity and entrepreneurship: Evidence from England and Wales“, VoxEU Organisation, 04 Δεκεμβρίου. Cultural diversity is increasing globally. This column examines diversity from the point of view of entrepreneurship. It demonstrates that cultural diversity breeds entrepreneurship – but the nature of the diversity is critical. Recent migrants, rather than the descendants of past migrants, create the conditions for a more dynamic entrepreneurial …Read More
Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Επιστημονικά Άρθρα
Vicious circle(s) 2.0 – while trying to sever the sovereign-banking link, we may be disregarding vulnerabilities from banks’ mutual interconnectedness
Merler, S. (2014) “Vicious circle(s) 2.0 – while trying to sever the sovereign-banking link, we may be disregarding vulnerabilities from banks’ mutual interconnectedness“, Bruegel Institute, 20 Νοεμβρίου. Since the beginning of the crisis – and more so since 2010 – Europeans have been looking at the sovereign-banking “vicious circle”, tying the dismal fates of States and banks together. This has emerged as a characteristic disease during the euro crisis, …Read More
Benchmarking the European Central Bank’s asset quality review and stress test: A tale of two leverage ratios
Acharya, V. & Steffen, S. (2014) “Benchmarking the European Central Bank’s asset quality review and stress test: A tale of two leverage ratios“, VoxEU Organisation, 21 Νοεμβρίου. The ECB estimated that Eurozone banks would face a capital shortfall of €25 billion in a severe crisis. Earlier work by the authors estimated the shortfall to be 30 times higher. This column argues that this striking divergence can be explained by …Read More
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