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
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
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
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
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
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
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
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
Schoenmaker, Dirk, (2017), “The Banking Union: An Overview and Open Issues”, Bruegel, 2 Μαΐου The move to European Banking Union involving the supervision and resolution of banks at euro-area level was stimulated by the sovereign debt crisis in the euro area in 2012. However, the long-term objective of Banking Union is dealing with intensified cross-border banking. Σχετικές Αναρτήσεις Navaretti, Giorgio Barba, Calzolari, Giacomo, Pozzolo, Alberto Franco, (2016), “Sovereign and banking risk: Completing the union and …Read More
Kobayashi, Keiichiro, (2017), “Persistent economic slowdown and emergence of debt-ridden borrowers”, VoxEU, 2 Μαΐου There is concern about the persistent slowdown of economic growth in the aftermath of financial crises. This column presents a framework which shows that excessive debt accumulated by firms and households during a crisis can cause persistent stagnation. Relief from excessive debt has a direct impact on economic growth, whereas unconventional monetary and fiscal policies cannot directly …Read More
