ECB, (2016), “Labour market modelling in the light of the financial crisis”, ECB, Occassional Paper Series No 175, Αύγουστος This paper revisits the empirical relationship between unemployment and output, and its evolution following the financial crisis of 2008, with the aim of drawing potential consequences for labour market modelling strategies in place within the European System of Central Banks (ESCB). First, the negative correlation between output and unemployment (Okun’s law) at …Read More
Smoothing economic shocks in the Eurozone: The untapped potential of the financial union
Buti, Marco, Leandro, José, Nikolov, Plamen, (2016), “Smoothing economic shocks in the Eurozone: The untapped potential of the financial union”, Voxeu, 25 Αυγούστου The fragmentation of financial systems along national borders was one of the main handicaps of the Eurozone both prior to and in the initial phase of the crisis, hindering the shock absorption capacity of individual member states. The EU has taken important steps towards the deeper integration of …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
The Political Economy of Debt and Entitlements
Bouton, Laurent, Lizzeri, Alessandro, Persico, Nicola, (2016), “The Political Economy of Debt and Entitlements”, CEPR, Αύγουστος This paper presents a dynamic political-economic model of total government obligations. Its focus is on the interplay between debt and entitlements. In our model, both are tools by which temporarily powerful groups can extract resources from groups that will be powerful in the future: debt transfers resources across periods; entitlements directly target the future allocation …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
The Fed and Lehman Brothers
Ball, Laurence, (2016), “The Fed and Lehman Brothers”, Johns Hopkins University, Ιούλιος On Monday, September 15, 2008, at 1:45 AM, Lehman Brothers Holdings Inc. filed a bankruptcy petition in the United States Bankruptcy Court for the Southern District of New York. This action was the most dramatic event of the financial crisis of 2007-2009, and many economists believe it greatly worsened the crisis and the Great Recession that followed. Why …Read More
Βιβλιοθήκη » EE » Οικονομία » Βιβλία
Fiscal Policy after the Crisis
Salto, Matteo, (2016), “Fiscal Policy after the Crisis”, European Commission, Discussion Paper 35, Ιούλιος This paper presents the proceedings of the annual Public Finance Workshop organised by the Directorate-General for Economic and Financial Affairs in Brussels on 19 January 2016 in relation with the publication of its Public Finance in EMU 2015 Report. After the double-dip recession between 2009 and 2013, growth is gradually returning to the EU and the euro area but it …Read More
Can Countries Rely on Foreign Saving for Investment and Economic Development?
Cavallo, Eduardo, Eichengreen, Barry, Panizza, Ugo, (2016), “Can Countries Rely on Foreign Saving for Investment and Economic Development?”, CEPR, Αύγουστος A surprisingly large number of countries have been able to finance a significant fraction of domestic investment using foreign finance for extended periods. While many of these episodes are in low-income countries where official finance is more important than private finance, this paper also identifies a number of episodes where a …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Economic performance in two dimensions: How Europe beats the US
Gylfason, Thorvaldur, (2016), “Economic performance in two dimensions: How Europe beats the US”, Voxeu, 22 Αυγούστου One-dimensional indicators such as GNI per capita are known to be flawed measures of wellbeing. The Human Development Index (HDI) introduced dimensions of health and education alongside income. This column argues that an HDI adjusted for inequality and hours worked gives deeper insight into a country’s economic standing. Using this composite measure, the US falls …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Aggregate Uncertainty and Sectoral Productivity Growth : The Role of Credit Constraints
Choi, Sangyup, Furceri, Davide, Huang, Yi, Loungani, Prakash, (2016), “Aggregate Uncertainty and Sectoral Productivity Growth : The Role of Credit Constraints”, IMF, Working Paper No. 16/174, 16 Αυγούστου We show that an increase in aggregate uncertainty—measured by stock market volatility—reduces productivity growth more in industries that depend heavily on external finance. This effect is larger during recessions, when financing constraints are more likely to be binding, than during expansions. Our statistical method—a …Read More
Understanding Bank Payouts during the Crisis of 2007-2009
Cziraki, Peter, Laux, Christian, Lóránth, Gyöngyi, (2016), “Understanding Bank Payouts during the Crisis of 2007-2009”, CEPR, Αύγουστος We provide an extensive analysis of the payout policy of U.S. banks in 2007-2008 to identify the main drivers of their payout decisions. We use established models that relate dividends to fundamentals to provide a benchmark for the normal level of payouts. Based on these models, bank dividends appear excessive in 2007, but not …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Quarterly National Accounts
OECD, (2016), “Quarterly National Accounts”, Volume 2016 Issue 1, 2 Αυγούστου The OECD’s Quarterly National Accounts contains a selection of the accounts most widely used by economic analysts: GDP by expenditure and by industry, gross fixed capital formation by asset, gross fixed capital formation by institutional sector, and components of disposable income are all shown at both current and constant prices. Saving and Net lending and GDP by income at current …Read More