Dao, Μ., Furceri, D. and Loungani, P., (2013), “Regional Labor Market Adjustmentsin the United States and Europe”, IMF Working Paper, 11 Φεβρουαρίου. We examine patterns of regional adjustments to shocks in the US during the past 40 years. Using state-level data, we estimate the dynamic response of regional employment, unemployment, participation rates and net migration to state-relative labor demand shocks. We find that (i) the long-run effect of a state-specific shock …Read More

Pescatori, A., Sandri, D. and Simon, J., (2014), “Debt and Growth: Is There a Magic Threshold?”, IMF Working Paper 14/34, Φεβρουάριος. Using a novel empirical approach and an extensive dataset developed by the Fiscal Affairs  Department of the IMF, we find no evidence of any particular debt threshold above which medium-term growth prospects are dramatically compromised. Furthermore, we find the debt trajectory can be as important as the debt level …Read More

Shin, H.S., (2013), “Procyclicality and the Search for Early Warning Indicators”, International Monetary Fund, IMF Working Paper No. 13/258, December. This paper compares three types of early warning indicators of financial instability – those based on financial market prices, those based on normalized measures of total credit and those based on liabilities of financial intermediaries. Prices perform well as concurrent indicators of market conditions but are not suitable as early …Read More

Taylor, A., (2013), “External Imbalances and Financial Crises”, International Monetary Fund, IMF Working Paper No. 13/260, December. Consider two views of the global financial crisis. One view looks across the border: it blames external imbalances, the unprecedented current account deficits and surpluses in recent years. Another view looks within the border: it faults domestic financial systems where risks originated in excessive credit booms. We can use the lens of macroeconomic …Read More

Kastelli I. and Caloghirou, Y., (forthcoming), “The impact of knowledge-intensive entrepreneurship on the growth and competitiveness of European traditional sectors”. In H. Hirsch-Kreinsen , I. Schwinge (eds.), Knowledge-Intensive Entrepreneurship In Low-Tech Industries, Cheltenham: Edward Elgar Publishing. This chapter highlights the relation of knowledge intensive entrepreneurship with growth and competitiveness of European traditional sectors. We argue that knowledge intensive entrepreneurship in LMT sectors a) can contribute to overcoming competitive pressures from …Read More

Filippetti, Andr., Peyrache, Ant., (2013), “Is the Convergence Party Over? Labour Productivity and the Technology Gap in Europe”, Journal of Common Market Studies, Vol. 51, Issue 6, pp. 1006-1022. Closing the technology gap to reduce labour productivity disparities across Europe is crucial for the European cohesion policy. This article explores the sources of labour productivity growth in Europe over the period 1993–2007 in light of the enlargement process. Labour productivity …Read More

Ward-Warmedinger, M., Macchiarelli, C., (2013), “Transitions in Labour Market Status in the EU”, IZA Discussion Papers, N. 7814/2013. This paper presents information on labour market mobility in 23 EU countries, using Eurostat’s Labour Force Survey (LFS) data over the period 1998-2008. More specifically, it  discusses alternative measures of labour market churning; including the ease with which individuals can move between employment, unemployment and inactivity over time. The  results suggest that …Read More

Ritzen, J. and Zimmermann, K., (2013), “A Vibrant European Labor Market with Full Employment”, IZA – Institute for the Study of Labor, IZA Policy Paper No.73, December. We sketch a visionary strategy for Europe in which full employment is quickly regained by  2020, where income inequality is reduced and the economies are more sustainable. We name this scenario “vibrant.” It is contrasted with what would happen if present policies continue …Read More

Karanikolos, Μ., Mladovsky, P., Cylus, J., Thomson, S., Basu, S., Stuckler, D., Mackenbach, J. and McKee M., (2013), “Financial crisis, austerity, and health in Europe”, The Lancet, 381(9874): 1323-1331. The financial crisis in Europe has posed major threats and opportunities to health. We trace the origins of the economic crisis in Europe and the responses of governments, examine the effect on health systems, and review the effects of previous economic …Read More