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The Eurozone: Deflationary Boom Or Deflationary Bust?

Weeks, John, (2015), “The Eurozone: Deflationary Boom Or Deflationary Bust?”, Social Europe Journal, 6 Νοεμβρίου. Several years ago the idea that fiscal austerity could induce growth, “expansionary austerity”, had a brief flowering before withering under the heat of ridicule. Recently it resurfaced under a different name, “deflationary boom”. If expansionary austerity was oxymoronic, deflationary boom is simply moronic. Σχετικές Αναρτήσεις Weeks, John, (2015), “Euro Deflation And How To Interpret It”, Social Europe …Read More

Corruption : A Hidden Tax on Growth

Gaspar, Vitor, Hagan, Sean, (2015), “Corruption : A Hidden Tax on Growth”, iMFdirect, 5 Νοεμβρίου. In recent years, citizens’ concerns about allegations of corruption in the public sector have become more visible and widespread. From São Paulo to Johannesburg, citizens have taken to the streets against graft. In countries like Chile, Guatemala, India, Iraq, Malaysia and Ukraine, they are sending a clear and loud message to their leaders: Address corruption! Σχετικές Αναρτήσεις Koulovatianos, Christos, Tsoukalas, …Read More

Income inequality in pre-industrial Europe

Alfani, Guido, Ryckbosch, Wouter, (2015), “Income inequality in pre-industrial Europe”, Voxeu, 6 Νοεμβρίου. Thomas Piketty and others have prompted renewed interest in understanding long-term patterns of inequality. This column presents evidence from pre-industrial Europe. Inequality rose even during the success stories of early modern Europe, but it can hardly have been the sole requisite for growth. In both economic history and today’s economic theory, the idea of a universal trade-off between growth and …Read More

The End Of German Hegemony – Really?

Saraceno, Francesco, (2015), “The End Of German Hegemony – Really?”, Social Europe, 3 Νοεμβρίου. I was puzzled by Daniel Gros’ recent column in which he claims that Germany’s dominance of the EMU may be coming to an end. Gros’ argument is based on two facts. The first is the slowing growth rate of Germany, that seems to be heading towards the pre-crisis “normal” of slow growth (Germany grew less than the EMU …Read More

The contribution of the wage structure to early retirement behaviour

Frimmel, Wolfgang, Winter-Ebmer, Rudolf, (2015), “The contribution of the wage structure to early retirement behaviour”, Voxeu, 28 Οκτωβρίου. The literature on retirement age has tended to focus on the supply side of the labour market. Using Austrian data, this column examines how firms can influence workers’ retirement decisions through wage structure. Deferred compensations schemes characterised by steeper seniority-wage profiles are found to be associated with workers retiring earlier. Given that early labour …Read More

Could Europe’s next growth locomotive be Made in Italy?

Terzi, Alessio, (2015), “Could Europe’s next growth locomotive be Made in Italy?”, Bruegel Institute, 27  Οκτωβρίου Important reforms put in place over the past months, combined with a conjunction of particularly supportive external factors, mean that Italy could indeed become the fastest growing large economy in the euro area in a not-too-distant future. Σχετικές Αναρτήσεις O’Neill, J. (2014) “A Crazy Idea About Italy“, Bloomberg View, 05 Νοεμβρίου. Mazzolini, G. & …Read More

Monetary Policy: Dispelling The Technocratic Illusion

Islam, Yanatul, Saraceno, Francesco, (2015), “Monetary Policy: Dispelling The Technocratic Illusion”, Social Europe, 26 Οκτωβρίου The past few weeks have seen the Fed struggle to define a clear exit route from its forward guidance strategy. Ambiguous macroeconomic data have triggered different interpretations by prestigious board members, leaving markets with little clue as to future Fed moves. Σχετικές Αναρτήσεις Rieth, Malte, Fratzscher, Marcel, (2015), “Bank bailouts, monetary policy, and credit default risks in the …Read More

PostCapitalism: The Economy Of The Future?

Mason, Paul, (2015), “PostCapitalism: The Economy Of The Future?”, Social Europe Journal, 26 Οκτωβρίου Over the past two centuries or so, capitalism has undergone continual change – economic cycles that lurch from boom to bust – and has always emerged transformed and strengthened. Surveying this turbulent history, journalist and Channel 4 economics news editor Paul Mason wonders whether this time capitalism itself has reached its limits and is changing into …Read More

How European integration influences the way we think about redistribution of income

Costa-Font, Joan, Cowell, Frank, (2015), “How European integration influences the way we think about redistribution of income”, LSE blog, 22 Οκτωβρίου What makes us more (or less) inclined to redistribute resources? Drawing on findings from a recent study, Joan Costa-Font and Frank Cowell write that European integration has a role in lessening national pride and is conducive to a more positive attitude toward income redistribution. They argue that when individuals identify themselves with …Read More

The macro-micro conflict

Danielsson, Jon, Fouché, Morgane, Macrae, Robert, (2015), “The macro-micro conflict”, Voxeu, 20 Οκτωβρίου There has always been conflict between macro- and microeconomic regulation. Microeconomic policy reigns supreme during good times, and macro during bad. This column explains that while the macro and micro objectives have always been present in regulatory design, their relative importance has varied according to the changing requirements of economic, financial and political cycles. The conflict between the two seems set to …Read More