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Macroeconomic Relevance of Insolvency Frameworks in a High-debt Context: An EU Perspective

Bricongne, Jean-Charles, Demertzis, Maria, Pontuch, Peter, Turrini, Alessandro, (2016),  “Macroeconomic Relevance of Insolvency Frameworks in a High-debt Context: An EU Perspective”, European Commission, Discussion Paper 032, Ιούνιος The high level of private debt in many EU countries has put a spotlight on the role that insolvency frameworks can play in helping to address debt overhangs and clean bank balance sheets of nonperforming loans. This paper reviews the macroeconomic relevance of insolvency frameworks from an …Read More

Currency unions and trade: A post-EMU reassessment

Glick, Reuven, Rose, Andrew K., (2016), “Currency unions and trade: A post-EMU reassessment”, European Economic Review, Ιούνιος In our European Economic Review (2002) paper, we used pre-1998 data on countries participating in and leaving currency unions to estimate the effect of currency unions on trade using (then-) conventional gravity models. In this paper, we use a variety of empirical gravity models to estimate the currency union effect on trade and exports, using recent …Read More

The international role of the euro

European Central Bank, (2016), “The international role of the euro”, ECB, Ιούνιος This 15th annual review of the international role of the euro published by the ECB is an interim version that presents a concise overview of developments in the use of the euro by non-euro area residents. The period covered by this report is 2015 and early 2016. The developments seen in the international role of the euro during …Read More

German macroeconomics: The long shadow of Walter Eucken

Bofinger, Peter, (2016), “German macroeconomics: The long shadow of Walter Eucken”, Voxeu, 7 Ιουνίου At first sight, it is difficult to explain why the macroeconomic debate and macroeconomic policy in Germany differ considerably from other countries, despite the same academic textbooks and models being used as elsewhere. This column explains how a specific paradigm of macroeconomics, developed by Walter Eucken and diametrically opposed to Keynesian economics, is behind the German formal …Read More

Eurofound yearbook 2015: Living and working in Europe

Eurofound, (2016), “Eurofound yearbook 2015: Living and working in Europe”, Publications Office of the European Union, Μάιος Eurofound celebrated the 40th anniversary of its founding in 2015. In 1975, the then European Community set up the Agency, charging it with the task of contributing to the planning and design of better living and working conditions in Europe. The social policy agenda and priorities may have changed over those 40 years, …Read More

Convergence Report 2016

European Commission, (2016), “Convergence Report 2016”, European Commission, Institutional Paper 026, Ιούνιος Convergence Reports examine whether Member States satisfy the conditions for adopting the single currency. The 2016 Convergence Report, adopted on 7 June 2016, is a regular biennial report and examines progress with convergence in seven Member States with a derogation – Bulgaria, the Czech Republic, Croatia, Hungary, Poland, Romania and Sweden. The report concludes that none of the …Read More

The Juncker plan needs to be turned on its head

Claeys, Grégory, Leandro, Álvaro, (2016), “The Juncker plan needs to be turned on its head”, Bruegel, 8 Ιουνίου The ‘Investment Plan for Europe’, also known as the Juncker Plan, was approved in June 2015 and the European Fund for Strategic Investments (EFSI) launched immediately after. The objective of the plan is to overcome the current lack of investment in the EU, but the initiative has got off to a disappointing start. Σχετικές …Read More

Avoiding another Eurozone Crisis while avoiding the Five Presidents’ Report: Part II

Wickens, Mike, (2016), “Avoiding another Eurozone Crisis while avoiding the Five Presidents’ Report: Part II”, Voxeu, 8 Ιουνίου This second column in a two-part series takes a closer look at the proposals in the Five Presidents’ Report for Fiscal, Banking, and Capital Markets Unions and much closer political integration among Eurozone countries. It goes on to give evidence of the failure of financial markets to price risk correctly prior to the …Read More

Business, housing and credit cycles

Rünstler, Gerhard, Vlekke, Marente, (2016), “Business, housing and credit cycles”, European Central Bank, No 1915 / June 2016 We use multivariate unobserved components models to estimate trend and cyclical components in GDP, credit volumes and house prices for the U.S. and the five largest European economies. With the exception of Germany, we find large and long cycles in credit and house prices, which are highly correlated with a medium-term component in GDP …Read More

How to Teach Intermediate Macroeconomics after the Crisis?

Blanchard, Olivier, (2016), “How to Teach Intermediate Macroeconomics after the Crisis?”, Peterson Institute for International Economics, 2 Ιουνίου Having just concluded a seven-year run as chief economist of the International Monetary Fund, and having to rewrite the seventh edition of my undergraduate macroeconomics book (link is external) , I had to confront the issue: How should we teach macroeconomics to undergraduates after the crisis? Here are some of my conclusions (I …Read More