A.G. van Bergeijk, Peter, (2015), “We are shrinking! The neglected drop in Gross Planet Product”, Voxeu, 7 Δεκεμβρίου The analysis and forecasts of the IMF are well covered in the press. This column deals with a less noted development in the data provided by the IMF, namely the nominal decrease in Gross Planet Product. Since the IMF forecast both positive growth and positive inflation, the nominal shrinkage of GPP puts into …Read More

Decressin, Jörg, Loungani, Prakash, (2015), “EZ internal devaluations: Evidence on negative demand spillovers”, Voxeu, 2 Δεκεμβρίου. Internal devaluations have been suggested as a possible policy option for countries in a currency union facing large external deficits. These policy actions seek to restore competitiveness by replicating the outcomes of an external devaluation. This column examines wage moderation as a potential means of internal devaluation for EZ countries. If pursued by several countries, wage moderation …Read More

Claeys, Grégory, Wolff, Guntram B., (2015), “Have central banks lost their ability to control inflation?”, Bruegel Blog, 1 Δεκεμβρίου. The potential effects of global integration on inflation dynamics, and whether this could affect the ability of central banks to fulfil their mandates. Σχετικές Αναρτήσεις Claeys, Grégory, Wolff, Guntram B., (2015), “Is globalisation reducing the ability of central banks to control inflation?”, Bruegel Publlications, Issue 18, 12 Νοεμβρίου. Blanchard, Olivier, Cerutti, Eugenio, Summers, Lawrence, (2015), “Inflation and Activity – Two …Read More

Cohen-Setton, Jeremie, (2015), “Unlearning economic paradigms”, Bruegel publications, 30 Νοεμβρίου What’s at stake: Both the crisis, its aftermath, and the empirical econ revolution have changed our understanding of economics. Conventional wisdoms about the supply side of the economy, the length of the short run, or the international adjustment process are all being challenged. Even conventional microeconomic wisdoms about the role of minimum wages and welfare programs are being challenged by …Read More

Gylfason, Thorvaldur, (2015), “Iceland’s seven meagre years”, Voxeu, 26 Νοεμβρίου. Seven years after its crisis, Iceland has staged an economic recovery. This column suggests that despite its overall success, the current economic situation in Iceland is not devoid of problems. Insufficient competition in certain areas keeps real wages lower in Iceland compared to other Nordic countries. The current government in power seems not to have learned enough from the crash of 2008. …Read More

Wolff, Guntram, (2015), “The ECB and politics in an era of low interest rates”, Bruegel publications, 25 Nοεμβρίου The reasons for this are the subject of heated debate, but the fact is that there have been long-term changes in global savings and investments due to demographic and structural factors. Monetary policy has not caused this situation, yet it has to find a response. All the same, monetary policy cannot address …Read More