Animal spirits and the optimal level of the inflation target

8 Ιουλίου, 2016

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De Grauwe, Paul, Ji, Yuemei, (2016), “Animal spirits and the optimal level of the inflation target”, Voxeu, 7 Ιουλίου Low inflation targets can cause economies to hit the zero lower bound during deflationary periods caused by even mild shocks. In such circumstances, central banks lose their ability to stimulate the economy. This column assesses the risk of this happening using a model that endogenises self-perpetuating optimism and pessimism in the economy. …Read More

Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης

Credit market competition and liquidity crises

8 Ιουλίου, 2016

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Carletti, Elena, Leonello, Agnese, (2016), “Credit market competition and liquidity crises”, ECB, No 1932 / Ιούλιος 2016 So far the debate among policymakers and academics has focused on the effect that competition has on the credit risk banks are exposed to. In the academic literature, two opposing views can be distinguished depending on how competition affects banks’ and borrowers’ risk taking behavior. One view is that, by reducing banks’ franchise …Read More

Βιβλιοθήκη » EE » Οικονομία » Εκθέσεις-Μελέτες

OECD Employment Outlook 2016

7 Ιουλίου, 2016

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OECD, (2016), “OECD Employment Outlook 2016”, OECD Publishing, 7 Ιουλίου This 2016 edition of the OECD Employment Outlook provides an in-depth review of recent labour market trends and short-term prospects in OECD countries. Chapter 1 examines recent labour market developments, with a special focus on vulnerable youth who are neither working nor in education or training. The size of this group has grown in recent years in many OECD countries …Read More

Βιβλιοθήκη » EE » Οικονομία » Εκθέσεις-Μελέτες

Fiscal policies enhancing growth in Europe: does one size fit all?

7 Ιουλίου, 2016

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Bouthevillaina, Carine, Dufrénotb, Gilles, (2016), “Fiscal policies enhancing growth in Europe: does one size fit all?”, Oxford Economic Papers, 2 Ιουνίου This paper provides evidence of various reactions of growth rates to changes in the composition of taxes and public spending in Europe. We use a quantile estimator to allow different slopes of fiscal variables, across countries and years. We find that sovereign spending should be encouraged in the medium term …Read More

Βιβλιοθήκη » EE » Οικονομία » Επιστημονικά Άρθρα

Instruments, rules, and household debt: the effects of fiscal policy

7 Ιουλίου, 2016

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Andrésa, Javier, Boscáb, José E., Ferric, Javier, (2016), “Instruments, rules, and household debt: the effects of fiscal policy”, Oxford Economic Papers, 4 Φεβρουαρίου We look at the interplay between the level of household debt and fiscal policy. When the fiscal rule is defined in lump-sum transfers, government spending or consumption taxes, the impact multipliers of fiscal shocks get substantially amplified in an environment of easy access to credit. However, when the …Read More

Βιβλιοθήκη » EE » Οικονομία » Επιστημονικά Άρθρα

Fiscal Policy in an Unemployment Crisis

6 Ιουλίου, 2016

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Rendahl, Pontus, “Fiscal Policy in an Unemployment Crisis”, The Review of Economic Studies, 22 Φεβρουαρίου This article shows that equilibrium unemployment dynamics can significantly increase the efficacy of fiscal policy. In response to a shock that brings the economy into a liquidity trap, an expansion in government spending increases output and causes a fall in the unemployment rate. Since movements in unemployment are persistent, the effects of current spending prevail into the …Read More

Βιβλιοθήκη » EE » Οικονομία » Επιστημονικά Άρθρα

A National Wealth Approach to Banking Crises and Financial Stability

6 Ιουλίου, 2016

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Frecaut, Olivier, (2016), “A National Wealth Approach to Banking Crises and Financial Stability”, IMF Publications, 5 Ιουλίου The paper explores a different, supplementary way to assess and manage a particular type of banking crises, those arising from a rise of nonperforming loans to the corporate sector. It relies on a “national wealth approach,” focusing on the distribution of net wealth among economic sectors and its interaction with developments in the banking …Read More

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Understanding the Size of the Government Spending Multiplier: It’s in the Sign

6 Ιουλίου, 2016

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Barnichon, Régis, Matthes, Christian, (2016), “Understanding the Size of the Government Spending Multiplier: It’s in the Sign”, Centre for Economic Policy Research, Ιούλιος Despite intense scrutiny, estimates of the government spending multiplier remain highly uncertain, with values ranging from 0.5 to 2. While an increase in government spending is generally assumed to have the same (mirror-image) effect as a decrease in government spending, we show that relaxing this assumption is important …Read More

Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης

Brexit versus Grexit: Why you might call a referendum and then reject its outcome

6 Ιουλίου, 2016

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Pastor, Lubos, (2016), “Brexit versus Grexit: Why you might call a referendum and then reject its outcome”, Voxeu, 4 Ιουλίου Britain voted for Brexit, but many seek ways to avoid it. This draws comparison with the events of almost exactly a year ago when the Greek government ignored the outcome of the Greek bailout referendum. This column argues that the Greek government hoped the result would crash the EU’s stock markets …Read More

Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης

Credit spreads, economic activity and fragmentation

5 Ιουλίου, 2016

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De Santis, Roberto A., (2016), “Credit spreads, economic activity and fragmentation”, ECB, No 1930 / July 2016 Credit spreads may be jointly driven by developments that are orthogonal to the current state of the economy. We show that this unobserved systematic component is demanded to hedge against adverse economic áuctuations. Using either yield-to-maturity spreads or asset swap spreads for 2345 Eurobonds across euro area non-financial industries, we estimate a market-wide relative excess …Read More

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