Best, Tom, Dielmann, Christopher, Greene, Meghan, Mohd Nor, Tania, (2017), “Simulating the impact of state-contingent debt instruments on sovereign finances: An Excel toolkit”, Vox Eu, 5 Ιουνίου overeign state-contingent debt instruments (SCDIs) are instruments that link the issuer’s contractual debt service obligations to a pre-defined state variable, and are designed to alleviate pressure on sovereign finances in bad states of the world. While several previous studies (e.g. Barr et al. 2014, …Read More

Enderlein, Henrik, Letta, Enrico, De Geus, Aart, (2017), “Seizing the moment for euro area reform: A three-step action plan”, EUROPP, Ιούνιος The election of Emmanuel Macron as French President on 7 May gave renewed hope to proponents of the European integration project after the hammer blow of Brexit and fears about a sustained revival of populism. There is momentum in Berlin and Paris now behind the belief that the euro is incomplete …Read More

Olivetti, Claudia, Petrongolo, Barbara, (2017), “The economic consequences of family policies”, Vox Eu, 3 Ιουνίου All high-income countries, as well as several developing countries, have policies in place to support work–family reconciliation, such as parental leave, childcare support, and flexible work arrangements, to name a few. The impact of these policy provisions on the labour market outcomes of parents, and especially mothers, is actively debated in both policy and academic circles. …Read More

 James, Harold, (2017), “The Renewal of Europe’s Center?”, Project Syndicate, 5 Ιουνίου British Prime Minister Theresa May, French President Emmanuel Macron, and German Chancellor Angela Merkel are different in many ways. May unexpectedly assumed her position last year after the Brexit vote, when her predecessor, David Cameron, resigned. Macron has even less experience: the presidency, which he just took over last month, is his first-ever elected position. Meanwhile, Merkel has served …Read More

Bershidsky, Leonid, (2017), “Europe’s Tax Competition Is Unfair and Inefficient”, Bloomberg, 31 Μαΐου Juncker’s “see no evil, hear no evil” testimony was an extension of the LuxLeaks scandal that first broke in 2014. It transpired that more than 300 global companies, including Pepsi, McDonalds, Deutsche Bank and Amazon, had secured individual, secret tax rulings in the Grand Duchy. The scandal was huge, but its consequences haven’t lived up to the hype. Luxembourg codified its tax-ruling …Read More

Alesina, Alberto, Tabellini, Guido, Trebbi, Francesco, (2017), “Europe as an optimal political area: New findings”, Vox Eu, 2 Ιουνίου In the economic analysis of secession and integration, the answer to this question reflects a trade-off between the benefits of economies of scale and scope in the provision of global public goods on the one side, and the cost due to heterogeneity of preferences on the other (Alesina and Spolaore 1997). The …Read More

Reichlin, Lucrezia, (2017), “Vive l’Euro?”, Project Syndicate, 1 Ιουνίου Emmanuel Macron’s victory in the French presidential election on May 7 triggered a surge of optimism about the future of the European Union, and the eurozone in particular. This is partly because Macron ran an unambiguously pro-EU campaign, and was rewarded for it. But it is also because the threat of a populist government in one of the EU’s founding states …Read More

Cohen, Desmond, (2017), “Rethinking German Economic Policy”, Social Europe, 31 Μαΐου It is only too evident that economic policy in Germany remains rooted in pre-Keynesian ideas that most macroeconomists rejected many years ago, and this helps explains the German Government’s intransigence in the face of persistent criticism – including now from the IMF. It has not been prepared to listen despite the fact that its policy stance has directly contributed …Read More

Η Καθημερινή, (2017), “Τη δοσολογία της ποσοτικής εξετάζει η ΕΚΤ στις 8 Ιουνίου”, 31 Μαΐου Οι κεντρικοί τραπεζίτες της Ευρωζώνης ετοιμάζονται να αλλάξουν την εκτίμησή τους για την πορεία της οικονομίας της Ευρωζώνης και τις απειλές που αντιμετωπίζει, σύμφωνα με αποκλειστικές πληροφορίες του Reuters. Στη συνεδρίαση της 8ης Ιουνίου είναι πιθανόν η ΕΚΤ να εξαλείψει από την ανακοίνωσή της την υπόσχεση να αυξήσει τα μέτρα ενίσχυσης της οικονομίας, αν χρειαστεί. …Read More

Den Haan, Wouter, Ellison, Martin, Ilzetzki, Ethan,McMahon, Michael, Reis, Ricardo, (2017), “Flexible labour markets, real wages, and economic recoveries: Views of economists”, VoxEU, 30 Μαΐου Real hourly wage growth has behaved quite differently across countries over the past ten years. This column describes how the majority view of the latest Centre for Macroeconomics and CEPR expert survey is that low growth of real wages has had a positive impact on …Read More