Christoffer Kok, Csaba Móré, Monica Petrescu, (2016), “Recent trends in euro area banks’ business models and implications for banking sector stability”, ECB Financial Stability Review, Μάϊος This special feature reviews recent trends in business model characteristics, discusses their relationship with bank stability and performance, and looks at how this relationship has changed over time, comparing the period before the crisis with the crisis years and the current situation.The financial crisis and …Read More
A deepened Single market for labour and digital innovation
Paul-Jasper Dittrich, (2016), “A deepened Single market for labour and digital innovation”, Jacques Delors Institut Policy Paper 164, 11 Μαϊου 2016 Product market reforms in the digital sector can boost TFP-growth. The Digital Single Market (DSM) should become a cornerstone of future productivity growth. Several measures should be taken up to meet these objectives. The European Job Mobility Portal EURES could become a European employment agency in the long-term. National employment …Read More
Interaction between monetary policy and bank regulation: lessons for the ECB
Dąbrowski, Marek, (2016), “Interaction between monetary policy and bank regulation: lessons for the ECB”, CASE Networks Studies & Analyses No 480 2/2016 The European Central Bank (ECB) recently became engaged in macro-prudential policies and the micro-prudential supervision of the largest Euro area banks. These new tasks should help complete financial integration, and make the Euro area more resilient to financial instability risks. However, the multiplicity of mandates and instruments involves a risk of …Read More
Growing like Spain: 1995-2007
Manuel García Santana, Josep Pijoan-Mas, Enrique Moral-Benito, Roberto Ramos, (2016), “Growing like Spain: 1995-2007”, Voxeu, 23 Μαϊου Spain enjoyed substantial growth in the decade prior to the Global Crisis, despite declining aggregate productivity. Recent research blames the poor productivity on different forms of a ‘financial resource curse’. This column argues that resource misallocation was particularly severe due to corruption and crony capitalism. This suggests future growth will require serious political …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
A general theory of austerity
Wren-Lewis,Simon, (2016), “A general theory of austerity”, BSG-WP-2016/014, Μάιος 2016 Austerity is defined as a fiscal contraction that causes a significant increase in aggregate unemployment. For the global economy, or an economy with a flexible exchange rate, or a monetary union as a whole, an increase in unemployment following a fiscal consolidation can and should be avoided because monetary policy can normally offset the demand impact of the consolidation. The tragedy …Read More
Sovereign bond holdings in the euro area – the impact of QE
Pia Huttl, Silvia Merler, (2016), “Sovereign bond holdings in the euro area – the impact of QE”, Bruegel, 19 Μαϊου Since the announcement of the QE programme by the European Central Bank (ECB) on 22 January 2015, national central banks have been buying government and national agency bonds. In this post we look at the effect of QE on sectoral holdings of government bonds, based on our recently updated dataset. In …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Sovereign debt issuance and selective default
Paczos, Wojtek, Shakhnov,Kirill, (2016), “Sovereign debt issuance and selective default”, EUI Working Paper ECO 2016/04 We propose a novel theory to explain why sovereigns borrow on both domestic and international markets and why defaults are mostly selective (on either domestic or foreign investors). Domestic debt issuance can only smooth tax distortion shocks, whereas foreign debt can also smooth productivity shocks. If the correlation of these shocks is sufficiently low, the …Read More
Three essays in labour economics
Gama Nogueira, André, (2016), “Three essays in labour economics”, Florence : European University Institute, 2016 This thesis investigates labour market policies and the way they interact with labour market frictions. The first chapter of this thesis is dedicated to the introduction of a new method to measure skills mismatch in the labour market. By introducing a new index that uses employment distribution across sectors to measure labour demand and education distribution …Read More
Fiscal austerity, unemployment and family firms
Munkacsi Zsuzsa, (2016), “Fiscal austerity, unemployment and family firms”, Deutsche Bundesbank Discussion Paper; 2015/06 I calculate unemployment multipliers of fiscal consolidation policies in a standard, closed-economy New Keynesian framework with search and matching frictions, and, as an innovation, in the presence of sectoral heterogeneity. Family and non-family firms behave differently in the labor market and are differently managed. This latter assumption is modeled by the inclusion of intangible capital in the …Read More
Fiscal Consolidation in Ireland: Recent Successes and Remaining Challenges
Larch, Martin ,Malzubris, Janis, Santacroce,Stefano,(2016),”Fiscal Consolidation in Ireland: Recent Successes and Remaining Challenges”, Directorate-General for Economic and Financial Affairs/ European Economy Economic Brief 011, Μαϊος Ireland very successfully shouldered an impressive amount of fiscal consolidation under its 2011-2013 EU-IMF financial assistance programme. After peaking at around 12% of GDP in 2009 (excluding deficit-increasing financial sector measures), the general government deficit is expected to have fallen below 2% of GDP in 2015. …Read More