Belke, Ansgar, Gros, Daniel, (2016), “Optimal Adjustment Paths in a Monetary Union”, CEPS Working Document No. 424, Ιούλιος Adjustment to an external imbalance is more difficult within a monetary union if wages are sticky. Periods of high unemployment are usually necessary to achieve the required real depreciation (internal devaluation). Gradual adjustment is usually recommended to distribute the output and employment cost over time. This paper takes into account that gradual adjustment also …Read More
The re-pricing of sovereign risks following the Global Financial Crisis
Malliaropulos, Dimitris, Migiakis, Petros M., (2016), “The re-pricing of sovereign risks following the Global Financial Crisis”, Bank of Greece, Ιούλιος How strong has been the effect of the Global Financial Crisis (GFC) on systemic risk in sovereign bond markets? Was the increase in credit spreads relative to triple-A benchmarks which followed the GFC the result of higher sovereign credit risk or the result of a re-pricing that reflected changes in broader …Read More
The EU’s problem-solving capacity and legitimacy in a crisis context: a virtuous or vicious circle?
Falkner, Gerda, (2016), “The EU’s problem-solving capacity and legitimacy in a crisis context: a virtuous or vicious circle?”, West European Politics, Volume 39, Issue 5, 16 Ιουνίου This article focuses on which mechanisms enabled the eurozone to escape from gridlock. At present, the EU is in a state of profound and multiple crises. Nonetheless, it managed to bring about a medium-term stabilisation of its banking system and economic governance, and a systemic implosion …Read More
Consumption Inequality
Attanasio, Orazio P., Pistaferri, Luigi, (2016), “Consumption Inequality”, Journal of Economic Perspectives, Volume 30, Number 2, Spring 2016 In this essay, we discuss the importance of consumption inequality in the debate concerning the measurement of disparities in economic well-being. We summarize the advantages and disadvantages of using consumption as opposed to income for measuring trends in economic well-being. We critically evaluate the available evidence on these trends, and in particular discuss how …Read More
Sovereign Debt Restructuring and Growth
Forni, Lorenzo, Palomba, Geremia, Pereira, Joana, Richmond, Christine J., (2016), “Sovereign Debt Restructuring and Growth”, IMF Publications, Working Paper No. 16/147, 22 Ιουλίου This paper studies the effect of sovereign debt restructurings with external private creditors on growth during the period 1970-2010. We find that there are bad and good (or not so bad) debt restructurings for growth. While growth generally declines in the aftermath of a sovereign debt restructuring, agreements that …Read More
Sovereign Risk and Deposit Dynamics : Evidence from Europe
Grigorian, David A., Manole, Vlad, (2016), “Sovereign Risk and Deposit Dynamics : Evidence from Europe”, IMF Publications, Working Paper No. 16/145, 22 Ιουλίου The unprecedented expansion of sovereign balance sheets since the global financial crisis has given a new meaning to the term sovereign risk. Developments in Europe since early 2010 presented new challenges for the functioning of private banks in an environment of heightened sovereign risk. This paper uses an …Read More
Back in work, still out of pocket: Labour market recovery since the Great Recession
Scarpetta, Stefano, Keese, Mark, Swaim, Paul, (2016), “Back in work, still out of pocket: Labour market recovery since the Great Recession”, Voxeu, 25 Ιουλίου The labour market recovery in OECD countries has been steady but slow since the Great Recession. More worrying is the fate of wage growth over the same period. This column assesses the implications of stagnation in the labour market for growth, wages, and inequality. It finds that …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
The European Union In Crisis – Is Flexible Integration The Way Forward?
Seikel, Daniel, (2016), “The European Union In Crisis – Is Flexible Integration The Way Forward?”, Social Europe, 22 Ιουλίου The UK’s Brexit referendum is the latest and most eminent manifestation of the European Union’s severe crisis of legitimacy. An ever-increasing number of Europeans fundamentally question European integration. Without legitimacy – i.e. the acceptance and support of the Europeans – the EU has no future. The right lesson to draw is that …Read More
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How do regulated and unregulated labor markets respond to shocks? Evidence from immigrants during the Great Recession
Guriev, Sergei, Speciale, Biagio, Tuccio, Michele, (2016), “How do regulated and unregulated labor markets respond to shocks? Evidence from immigrants during the Great Recession”, Centre for Economic Policy Research, Ιούλιος We study wage adjustment during the recent crisis in regulated and unregulated labor markets in Italy. Using a unique dataset on immigrant workers, we show that before the crisis wages in the formal and informal sectors moved in parallel (with a …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Fiscal Consolidation Under Imperfect Credibility
Lemoine, Matthieu, Lindé, Jesper, (2016), “Fiscal Consolidation Under Imperfect Credibility”, Centre for Economic Policy Research, Ιούλιος This paper examines the effects of expenditure-based fiscal consolidation when credibility as to whether the cuts will be long-lasting is imperfect. We contrast the impact limited credibility has when the consolidating country has the means to tailor monetary policy to its own needs, with the impact when the country is a small member of a …Read More
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