Gregory Claes, Konstantinos Efstathiou, Dirk Schoenmaker, (2017), “Spotting excessive regional house price growth and what to do about it”, Bruegel, 18 Οκτωβρίου Rapidly rising house prices are a well-known source of financial instability. This Policy Contribution examines whether there are regional differences in house price growth within European countries and, if so, whether this warrants more targeted measures to address vulnerabilities. Σχετικές Αναρτήσεις Kregel, Jan, (2017), «A Two-Tier Eurozone or …Read More

Claire Jones, (2017), “Tapering σε… αργή κίνηση επιλέγει η ΕΚΤ”, Euro2day.gr, 20 Οκτωβρίου Βαθιά μέσα στο 2018 θα συνεχίσει, αν και μειωμένο, το πρόγραμμα αγοράς ομολόγων, εκτιμούν οι αναλυτές. Τι ενώνει «γεράκια» και «περιστέρια» στο διοικητικό συμβούλιο της κεντρικής τράπεζας.Η Ευρωπαϊκή Κεντρική Τράπεζα δείχνει έτοιμη να παραμείνει ενεργή στις αγορές ομολόγων της ευρωζώνης για το μεγαλύτερο μέρος του 2018, ανατρέποντας τις προσδοκίες πως οι φορείς χάραξης πολιτικής θα έδιναν τέλος στο …Read More

Tsirigotakis, Ilias, Bakalis, Panagiotis, Ioannidis, Lazaros, Karanianni, Vasiliki, (2017), “Global growth enters Q4:2017 in high gear”, National Bank of Greece, Economic Research Division, Global Markets Roundup, 17 Οκτωβρίου The IMF revised upwards its global GDP growth forecasts for 2017 and 2018 by 0.1 pp to 3.6% and 3.7%, respectively, relative to July forecasts, interrupting the trend of downgrades observed in recent years. Growth is broadening, as 75% of the world economy is experiencing …Read More

Toshkov, Dimiter, (2017), “Why it’s not so simple to make the EU simpler”, LSE EUROPP, 18 Οκτωβρίου The EU’s institutional architecture is often regarded as being too complex for citizens to properly engage with, and both Jean-Claude Juncker and Emmanuel Macron have recently proposed some form of simplification such as merging the President of the European Commission with the President of the European Council, or reducing the size of the …Read More

Bernard, Benjamin, Capponi, Agostino, Stiglitz, Joseph, (2017), “Bail-ins and bailouts: Incentives, connectivity, and systemic stability”, VoxEU, 18 Οκτωβρίου Worried about the cost of public bailouts, governments have proposed bail-ins whereby banks contribute to rescuing their debtors. This column analyses the conditions under which bail-in strategies can be credibly implemented, showing that this heavily depends on the network structure. While earlier work has suggested that denser networks are socially preferred to …Read More

Bordo, Michael, Siklos, Pierre, (2017), “Central banks: Evolution and innovation in historical perspective”, VoxEU, 17 Οκτωβρίου The role of central banks in monetary policy and financial stability has changed radically over time. This examines the similarities and idiosyncrasies of ten central banks, and also considers how inflation might have looked had the central banks been around earlier, or had they adopted different strategies. While important differences between the narrative and …Read More

Nico Zorell, (2017) , “Large net foreign liabilities of euro area countries : Risks, prospects and policy options”, ECB Occasional Paper Series No 198, Οκτώβριος This paper examines the risks arising from these external stock imbalances, the prospects for their smooth unwinding and the menu of policy options. The paper demonstrates that external stock imbalances remain a source of vulnerabilities in the (former) programme countries and, to a lesser extent, …Read More

Wouter den Haan, Martin Ellison, Ethan Ilzetzki, Michael McMahon, Ricardo Reis, (2017), “Global risks from rising debt and asset prices: Views of leading economists” , VOX, 16 Οκτωβρίου The outgoing German finance minister, Wolfgang Schäuble, has recently expressed concerns about the risks posed to the world economy by high levels of debt. This column presents the latest Centre for Macroeconomics and CEPR survey of leading economists, in which a strong majority …Read More