Feld, Lars, P., Schmidt, Christoph, M., Schnabel, Isabel, Wieland, Volker, (2016), “Causes of the Eurozone Crisis: A nuanced view”, Voxeu, 22 Μαρτίου Hindsight is a wonderful thing. In the midst of a crisis, it is of course very hard to understand causality. This column uses the benefit of hindsight to present a nuanced view of the causes of the Eurozone Crisis as seen by members of the German Council of Economic Experts. To …Read More
Crescenzi, Riccardo, Luca, Davide, Milio, Simona, (2016), “The geography of the economic crisis in Europe: national macroeconomic conditions, regional structural factors and short-term economic performance”, Cambridge Journal of Regions, Economy and Society, Μάρτιος 2016 This article explores the linkages between pre-2008 crisis national macroeconomic conditions, regional resistance factors and depth of the crisis in the regions of the EU27. The results suggest that only a limited set of macroeconomic factors shape the regional …Read More
Eichengreen, Barry, (2016), “Confronting the Fiscal Bogeyman“, Project Syndicate , 11 Μαρτίου The world economy is visibly sinking, and the policymakers who are supposed to be its stewards are tying themselves in knots. Or so suggest the results of the G-20 summit held in Shanghai at the end of last month. The International Monetary Fund, having just downgraded its forecast for global growth, warned the assembled G-20 attendees that yet another downgrade was …Read More
Wolff, Guntram, B., (2016), “The G20’s structural reform agenda should address income gap and financial system fragility”, Bruegel, 15 Μαρτίου Traditional macroeconomic policies have been important in stabilizing the global economy, but they are no longer enough to addressing the fragility and low growth of the current economic environment. In particular, they cannot sustainably address the persistent weakness of demand, let alone drive new productivity growth. Such policies have far more limited …Read More
Papadopoulos, Orestis, (2016), “Economic crisis and youth unemployment: Comparing Greece and Ireland”, European Journal of Industrial Relations, 23 Φεβρουαρίου Both Greece and Ireland have long suffered high youth unemployment rates and have been pressured to restructure their employment and social systems under the European Employment Strategy. Problems were aggravated by the harsh conditions imposed by the Troika following bail-outs. Yet there was significant divergence in youth employment outcomes between Greece and …Read More
Ongena,Steven, Popov, Alexander, van Horen, Neeltje, (2016), “Moral suasion and bond buying in the Eurozone Crisis“, Voxeu, 17 Μαρτίου The European sovereign debt crisis has triggered speculation that part of the increase in banks’ holdings of domestic sovereign debt was driven by ‘moral suasion’ by governments. This column shows that domestic banks in fiscally stressed countries were considerably more likely than foreign banks to increase their holdings of sovereign bonds in …Read More
Rozenov, Rossen, (2016), “Optimal Fiscal Adjustment under Uncertainty“, IMF Working Paper, No. 16/69, 17 Μαρτίου The paper offers a non-probabilistic framework for representation of uncertainty in the context of a simple linear-quadratic model of fiscal adjustment. Instead of treating model disturbances as random variables with known probability distributions, it is only assumed that they belong to some pre-specified compact set. Such an approach is appropriate when the decision maker does not …Read More
Milanovic, Blanko, (2016),” Why Global Inequality Matters“, Social Europe, 18 Μαρτίου Let me start by enquiring about the importance assumed by inequality in the public debate during these last years. As we know, inequality has been marginalised both in academia and in politics – also and especially on the left, which should have been the most sensitive to social issues. Then, all at once, with the outbreak of the crisis, inequality …Read More
Bertola, Giuseppe, (2016), “Finance, Labour, Capital, and International Integration”, Centre for Economic Policy Research, Μάρτιος Labour incomes depend on structural as well as politico-economic factors, because labour market policies partially remedy the financial market imperfections that make labour income shocks difficult to insure, and have different implications for labour and capital income. This paper illustrates such theoretical insights with a simple model, and reviews evidence of their empirical relevance generated by …Read More
Bordon, Anna Rose, Ebeke, Christian, Shirono, Kazuko, (2016), “When Do Structural Reforms Work? On the Role of the Business Cycle and Macroeconomic Policies”, IMF Working Paper, No. 16/62, 15 Μαρτίου Structural reforms are expected to lift growth and employment, but their effects are surprisingly difficult to pin down empirically. One reason is their potential endogeneity to the economic environment in which they are conducted. For example, the impact of a reform implemented shortly before …Read More
