Acemoglu, Daron, Restrepo, Pascual, (2016), “The race between machines and humans: Implications for growth, factor shares and jobs”, Voxeu, 5 Ιουλίου Many economists throughout history have been proven wrong in predicting that technological progress will cause irreversible damage to the labour market. This column shows that so far, the labour market has always adapted to the replacement of jobs with capital, using evidence of new types of skilled jobs between 1970 and …Read More

Schmidt, Vivien, (2016), “Brexit And The EU: A New Deal For All The EU Or No Deal At All?”, Social Europe, 1 Ιουλίου Now that the UK has voted to leave the EU, all the attention has been focused on how it will go about leaving, or even whether it will leave in the end.  But equally important is how the EU responds to Brexit:  whether as an isolated case to …Read More

Jarocinski, Marek, Lenza, Michele, (2016), “How large is the output gap in the euro area”, European Central Bank, 1 Ιουλίου The estimates of the output gap depend on the features of the models used to derive them. We discriminate among different estimates on the basis of their ability to forecast inflation. Our analysis suggests that output in the euro area was 6% lower than potential in 2014 and 2015, which is …Read More

DeGrauwe, Paul, (2016), “The EU Should Take The Side Of The Losers Of Globalization”, Social Europe, 4 Ιουλίου How should the European Union react to the decision of the British people to withdraw from the union? This is the question that is at the center of the political debate in Europe. The starting point in trying to answer this question is the observation that the European Union has a very negative image …Read More

Bossone, Biagio, Labini, Stefano Sylos, (2016), “Macroeconomics in Germany: The forgotten lesson of Hjalmar Schacht”, VoxEU, 1 Ιουλίου Despite facing many of the same challenges, Germany’s current macroeconomic policy is substantially different to those of other countries, in part due to the economy legacy of Walter Eucken. This column considers the economic policy of Hjalmar Schacht, whose ‘MEFO-bills’ monetary solution ended the years of economic struggle caused by the Treaty of …Read More

Milanovic, Branko, (2016), “The greatest reshuffle of individual incomes since the Industrial Revolution”, Voxeu, 1 Ιουλίου The effects of of globalisation on income distributions in rich countries have been studied extensively. This column takes a different approach by looking at developments in global incomes from 1988 to 2008. Large real income gains have been made by people around the median of the global income distribution and by those in the global …Read More