Gros, Daniel, (2017), “The Inflation Target Trap”, Project Syndicate, 6 Ιουλίου Central banks have a problem: growth in much of the world is accelerating, but inflation has failed to take off. Of course, for most people, growth without inflation is the ideal combination. But central banks have set the goal of achieving an inflation rate of “below, but close to 2%,” as the European Central Bank puts it. And, at …Read More
Schenker, Jason, (2017), “Euro’s Short Squeeze May Just Be Getting Started”, Bloomberg View, 7 Ιουλίου The euro has had an impressive rally since mid-April, including a surge last week that took it to its highest level against the dollar since May 2016. The logical question now is whether the run is over, especially after the currency’s softness this week in the face of some strong euro-zone economic data. Based on …Read More
Rompolis, Leonidas S., (2017), “The effectiveness of unconventional monetary policy on risk aversion and uncertainty. For an optimal use of economic policy framework -priority to financial union“, Bank of Greece, Working Paper 231, Ιούνιος This paper examines the impact of unconventional monetary policy of ECB measured by its balance sheet expansion on euro area equity market uncertainty and investors risk aversion within a structural VAR framework. An expansionary balance sheet …Read More
OECD/Contributions to GDP growth: first quarter 2017, Quarterly National Accounts/6 Ιουλίου 2017 Real GDP in the OECD area increased by 0.5% in the first quarter of 2017, compared with 0.7% in the previous quarter, according to provisional estimates, mainly reflecting reduced contributions from private consumption (0.2 percentage point against 0.5 in the previous quarter) and investment (0.2 percentage point against 0.3). Net exports provided an additional 0.1 percentage point to …Read More
Ημερησία.gr, (2017), “«Πάγος» από τη Γερμανία στις προτάσεις της Κομισιόν”, 7 Ιουλίου Η δημιουργία προϋπολογισμού της ευρωζώνης και ενός Ευρωπαϊκού Νομισματικού Ταμείου, καθώς και ο διορισμός ενός προέδρου του Eurogroup αποκλειστικής απασχόλησης που θα είναι παράλληλα και επίτροπος Οικονομίας της ευρωζώνης συμπεριλαμβάνονται μεταξύ των προτάσεων που παρουσίασε χθες η Κομισιόν για την εμβάθυνση της Οικονομικής και Νομισματικής Ένωσης (ΟΝΕ) ως το 2025. Σχετικές Αναρτήσεις Συμεωνίδης, Κώστας, (2017), «Ευρωπαϊκό Νομισματικό Ταμείο …Read More
Schmidt, Christoph M., (2017), “The Art of the Surplus”, Project Syndicate, 5 Ιουνίου Germany’s persistently high current-account surplus may not be on the official agenda of this week’s G20 summit in Hamburg, but it is bound to provoke tensions among the assembled leaders. After all, that surplus, which has long been a bone of contention for many of Germany’s trade partners, hit a new high of 8.3% of nominal GDP …Read More
European Central Bank (ECB), (2017), “The international role of the euro”, Annual Review, Ιούλιος This report covers developments in 2016 and early 2017. This period was characterised by heightened non-economic risks stemming in particular from geopolitical developments, elections in some euro area countries, economic policy uncertainty in the wake of the outcome of the United Kingdom’s referendum on EU membership and the arrival of a new US administration, as well …Read More
Συμεωνίδης, Κώστας, (2017), “Ευρωπαϊκό Νομισματικό Ταμείο προκρίνει η Μέρκελ – “Στροφή 180 μοιρών” λόγω Ελλάδας”, Capital.gr, 4 Ιουλίου Παρουσιάζοντας χθες το προεκλογικό πρόγραμμα του κόμματός της ενόψει των ομοσπονδιακών εκλογών της 24ης Σεπτεμβρίου, η Α. Μέρκελ τάχθηκε υπέρ της σύστασης ενός Ευρωπαϊκού Νομισματικού Ταμείου. Σχετικές Αναρτήσεις Καθημερινή, (2017), «Η ΕΚΤ δεν αλλάζει πολιτική λόγω Νότου», Καθημερινή, 30 Μαρτίου Ζήσης Μανούζας: Ποσοτική Χαλάρωση στην Ευρωζώνη: Μακροοικονομική Θεωρία, Προβλήματα Ασυμμετρίας και Πολιτικοί …Read More
Broadberry, Stephen, Wallis, John Joseph, (2017) “Growing, shrinking, and long-run economic performance”, VoxEU, 5 Ιουλίου Most analysis of long-run economic performance abstracts from short-run fluctuations and seeks to explain improved performance through an increase in the rate of growth. Using data on annual rates of change of per capita income reaching back to the 13th century for some countries, this column show that improved long-run performance has actually occurred primarily …Read More
Baglioni, Angelo, Hamaui, Rony, (2017), “European Safe Bond: Handle With Care”, Social Europe, 5 Ιουλίου In the Euro Area there is a scarcity of risk-free securities; these are issued today only by a few sovereigns with a very high rating, but not by any European institution given strong German opposition. This situation creates huge capital flows in stress periods (flight-to-quality) and it contributes to the diabolic loop between bank and sovereign …Read More
