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Global Financial Stability Report-October 2015

11 Νοεμβρίου, 2015
Δεν επιτρέπεται σχολιασμός στο Global Financial Stability Report-October 2015

International Monetary Fund, (2015), “Global Financial Stability Report October 2015 – Vulnerabilities, Legacies, and Policy Challenges Risks Rotating to Emerging Markets”, World Economic and Financial Surveys, Οκτώβριος. During the past six months financial stability has improved in advanced economies, but risks continue to rotate toward emerging markets amid a lower risk appetite and higher market and liquidity risks. In advanced economies, growth is gaining traction, and monetary policy normalization is approaching in …Read More

Βιβλιοθήκη » EE » Οικονομία » Εκθέσεις-Μελέτες

Short-sighted monetary policy and fear of liftoff

11 Νοεμβρίου, 2015
Δεν επιτρέπεται σχολιασμός στο Short-sighted monetary policy and fear of liftoff

Orphanides, Athanasios, (2015), “Short-sighted monetary policy and fear of liftoff”, Voxeu, 11 Νοεμβρίου. There is generally consensus among macroeconomists that monetary policy works best when it is systematic. Following the financial crisis, the Federal Reserve Bank of the US shifted from long-term, systematic policy to short-term goals targeting unemployment. This column argues that, while these were appropriate in the aftermath of the downturn, such policy accommodations have been pursued for too long …Read More

Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης

External imbalances within the Eurozone: The Dutch disease explanation

10 Νοεμβρίου, 2015
Δεν επιτρέπεται σχολιασμός στο External imbalances within the Eurozone: The Dutch disease explanation

Sy, Mouhamadou, (2015), “External imbalances within the Eurozone: The Dutch disease explanation”, Voxeu, 9 Νοεμβρίου One of the most prominent features of the Eurozone Crisis has been the large current account deficit accumulated by countries at the periphery relative to those at the core (Baldwin and Giavazzi 2015). These imbalances (see Figure 1) are commonly attributed to differences in competitiveness as manifested in persistent differences in the unit labour costs, …Read More

Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης

Has the crisis affected the behavior of the rating agencies?-Panel Evidence from the Eurozone

9 Νοεμβρίου, 2015
Δεν επιτρέπεται σχολιασμός στο Has the crisis affected the behavior of the rating agencies?-Panel Evidence from the Eurozone

Boumparis, Periklis, Milas, Costas, Panagiotidis, Theodore, (2015), “Has the crisis affected the behavior of the rating agencies?-Panel Evidence from the Eurozone”, University of Macedonia, Discussion Paper No. 4/2015, Νοέμβριος We examine the determinants of credit ratings for the Eurozone countries over the period 2002-2013 within a panel framework that allows for cross-sectional dependence. We find that government debt and the cumulative current account exert a stronger impact on ratings post- 2008 compared …Read More

Βιβλιοθήκη » EE » Οικονομία » Επιστημονικά Άρθρα

Labour Market Regulation, Fiscal Consolidation, and the Success of Current Account Adjustments

9 Νοεμβρίου, 2015
Δεν επιτρέπεται σχολιασμός στο Labour Market Regulation, Fiscal Consolidation, and the Success of Current Account Adjustments

Adam, Antonis, Hatzipanayotou, Panos, Moutos, Thomas, (2015), “Labour Market Regulation, Fiscal Consolidation, and the Success of Current Account Adjustments”, AUEB Working Paper Series 15-17, Οκτώβριος In this paper we argue that the strictness of labour market regulations can interact with the mode of fiscal consolidation (tax- based versus spending-based fiscal adjustments) to affect whether current account adjustments are successful. Using data from 81 countries, we are able to identify 147 …Read More

Βιβλιοθήκη » EE » Οικονομία » Επιστημονικά Άρθρα

Eurozone crisis: Looking back to the future

9 Νοεμβρίου, 2015
Δεν επιτρέπεται σχολιασμός στο Eurozone crisis: Looking back to the future

Kaminsky, Graciela L., (2015),  “Eurozone crisis: Looking back to the future”, Voxeu, 8 Νοεμβρίου The Eurozone crisis is still lingering. While in the last couple of months only Greece’s debt woes have been at the centre of public attention, vulnerabilities across countries in the Eurozone are not fading away. Europe is still mired in a long depression, and debt problems are still escalating. While it is true that Ireland, Portugal, and …Read More

Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης

Inflation and Activity – Two Explorations and their Monetary Policy Implications

9 Νοεμβρίου, 2015
Δεν επιτρέπεται σχολιασμός στο Inflation and Activity – Two Explorations and their Monetary Policy Implications

Blanchard, Olivier, Cerutti, Eugenio, Summers, Lawrence, (2015), “Inflation and Activity – Two Explorations and their Monetary Policy Implications”, IMF Working Paper, WP/15/230, Νοέμβριος We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the …Read More

Βιβλιοθήκη » EE » Οικονομία » Επιστημονικά Άρθρα

The Eurozone: Deflationary Boom Or Deflationary Bust?

6 Νοεμβρίου, 2015
Δεν επιτρέπεται σχολιασμός στο The Eurozone: Deflationary Boom Or Deflationary Bust?

Weeks, John, (2015), “The Eurozone: Deflationary Boom Or Deflationary Bust?”, Social Europe Journal, 6 Νοεμβρίου. Several years ago the idea that fiscal austerity could induce growth, “expansionary austerity”, had a brief flowering before withering under the heat of ridicule. Recently it resurfaced under a different name, “deflationary boom”. If expansionary austerity was oxymoronic, deflationary boom is simply moronic. Σχετικές Αναρτήσεις Weeks, John, (2015), “Euro Deflation And How To Interpret It”, Social Europe …Read More

Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Άρθρα Γνώμης

Corruption : A Hidden Tax on Growth

6 Νοεμβρίου, 2015
Δεν επιτρέπεται σχολιασμός στο Corruption : A Hidden Tax on Growth

Gaspar, Vitor, Hagan, Sean, (2015), “Corruption : A Hidden Tax on Growth”, iMFdirect, 5 Νοεμβρίου. In recent years, citizens’ concerns about allegations of corruption in the public sector have become more visible and widespread. From São Paulo to Johannesburg, citizens have taken to the streets against graft. In countries like Chile, Guatemala, India, Iraq, Malaysia and Ukraine, they are sending a clear and loud message to their leaders: Address corruption! Σχετικές Αναρτήσεις Koulovatianos, Christos, Tsoukalas, …Read More

Βιβλιοθήκη » EE » Οικονομία » Πολιτική » Άρθρα Γνώμης

Forecasting Unemployment across Countries: the Ins and Outs

6 Νοεμβρίου, 2015
Δεν επιτρέπεται σχολιασμός στο Forecasting Unemployment across Countries: the Ins and Outs

Barnichon, Régis, Garda, Paula, (2015), “Forecasting Unemployment across Countries: the Ins and Outs”, Centre for Economic Policy Research, Νοέμβριος. This paper evaluates the flow approach to unemployment forecasting proposed by Barnichon and Nekarda (2012) for a set of OECD countries characterized by very different labor markets. We find that the flow approach yields substantial improvements in forecast accuracy over professional forecasts for all countries, with especially large improvements at longer horizons (one-year ahead …Read More

Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Επιστημονικά Άρθρα