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 The Rock-Star Appeal of Modern Monetary Theory

 Abrahamian, Atossa Araxia, (2017),  «The Rock-Star Appeal of Modern Monetary Theory», THENation, 8 Μαΐου Ιn early 2013, Congress entered a death
 struggle—or a debt struggle, if you will—over the future of the US economy. A spate of old tax cuts and spending programs were due to expire almost simultaneously, and Congress couldn’t agree on a budget, nor on how much the government could borrow to keep its engines running. Cue the …Read More

Do stress tests matter? Evidence from the 2014 and 2016 stress tests

Georgescu, Oana-Maria, Gross, Marco, Kapp, Daniel, Kok, Christoffer, (2017), «Do stress tests matter? Evidence from the 2014 and 2016 stress tests», ECB, May 2017 Stress tests have been increasingly used in recent years by regulators to foster con- fidence in the banking sector by not only increasing its resilience via mandatory capital increases but also by enhancing transparency to allow investors to better discriminate between banks. In this study, using an …Read More

How will Europe’s banking system respond to future challenges?

Merler, Silvia,Schoenmaker, Dirk, Véron, Nicolas, (2017), «How will Europe’s banking system respond to future challenges?», Bruegel, 5 Μαΐου This episode of The Sound of Economics focuses on the banking system in Europe and some of the challenges it is facing. The financial crisis made it clear that more should be done to create conditions for a safer financial system. The EU has taken measures to do that, and one of …Read More

Risk-sharing and Consumption-smoothing Patterns in the US and the euro area: A comprehensive comparison

Alcidi, Cinzia, D’Imperio, Paolo, Thirion, Gilles, (2017),  «Risk-sharing and Consumption-smoothing Patterns in the US and the euro area: A comprehensive comparison», CEPS, 4 Μαΐου This paper compares the capacity to smooth the impact of asymmetric shocks in the US and in the euro area (EA) and examines the various mechanisms through which the shock absorption occurs. It first notes that comparable data for the US and the EA are not readily …Read More

Inflation targets and the benefits of an explicit tolerance band

Andersson, Fredrik, Jonung, Lars, (2017), «Inflation targets and the benefits of an explicit tolerance band», Vox Eu, 8 Μαΐου Since the early 1990s, a large number of central banks have adopted inflation targeting, with the operational goal for monetary policy commonly set as a single number. The official target for inflation is often combined with an explicit tolerance band within which inflation is allowed to fluctuate. In a recent survey, Hammond …Read More

Flow effects of central bank asset purchases on euro area sovereign bond yields: evidence from a natural experiment

De Santis, Roberto A., Holm-Hadulla, F., (2017), «Flow effects of central bank asset purchases on euro area sovereign bond yields: evidence from a natural experiment «, ECB Working Paper Series No 2052, Μάϊος We estimate the response of euro area sovereign bond yields to purchase operations under the ECB’s Public Sector Purchase Programme (PSPP), using granular data on all PSPP-eligible securities at daily frequency. To avoid simultaneity bias in the …Read More

Democracy without choice: Citizens’ perceptions of government autonomy during the Eurozone crisis

Ruiz-Rufino, Ruben, Alonso, Sonia, (2016), «Democracy without choice: Citizens’ perceptions of government autonomy during the Eurozone crisis», European Journal of Political Research, 56(2), 320-345, 30 Δεκεμβρίου In this article it is argued that citizens take into account the degree of a government’s political autonomy to implement particular policies when expressing their views on satisfaction with democracy (SWD) but, in order to do so, they need to perceive it. When citizens …Read More

The implications of the euro crisis for democracy

Kriesi, Hanspeter, (2017), «The implications of the euro crisis for democracy», Journal of European Public Policy, 28 Απριλίου The question of whether European democracy is in crisis is not new, but is posed in a new way in the shadow of the euro crisis. In the tradition of the studies of democratic support and disaffection and based on data from the European Social Survey 2012, this article analyses the conceptions and …Read More

The use of the Eurosystem’s monetary policy instruments and operational framework since 2012

European Central Bank, (2017), «The use of the Eurosystem’s monetary policy instruments and operational framework since 2012», ECB, Μάιος 2017 The purpose of the Eurosystem operational framework and its monetary policy instruments is to implement the monetary policy decisions of the Governing Council of the European Central Bank (ECB). The task of monetary policy implementation is decentralised and therefore involves, in addition to the ECB, the national central banks (NCBs) of …Read More

Historical amnesia is undermining European democracy

Rubio, Diego, (2017), «Historical amnesia is undermining European democracy», LSE EUROPP, 3 Μαΐου Survey evidence suggests there is growing nostalgia toward former authoritarian regimes in a number of European countries. Diego Rubio writes that a degree of historical amnesia is now apparent in European societies, with those individuals who are too young to remember the authoritarian regimes of the past showing more openness toward the creation of authoritarian-like regimes today. …Read More