Income inequality in pre-industrial Europe

6 Νοεμβρίου, 2015

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Alfani, Guido, Ryckbosch, Wouter, (2015), “Income inequality in pre-industrial Europe”, Voxeu, 6 Νοεμβρίου. Thomas Piketty and others have prompted renewed interest in understanding long-term patterns of inequality. This column presents evidence from pre-industrial Europe. Inequality rose even during the success stories of early modern Europe, but it can hardly have been the sole requisite for growth. In both economic history and today’s economic theory, the idea of a universal trade-off between growth and …Read More

Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Άρθρα Γνώμης

Why Minsky Matters: An Introduction to the Work of a Maverick Economist

5 Νοεμβρίου, 2015

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Wray, L. Randall, (2015), “Why Minsky Matters: An Introduction to the Work of a Maverick Economist”, Princeton University Press, Νοέμβριος. Perhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919–96). Although a handful of economists raised alarms as early as 2000, Minsky’s warnings began a half-century earlier, with writings that set out a compelling theory of financial instability. Yet even today he remains largely outside …Read More

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The Pass-Through of Exchange Rate in the Context of the European Sovereign Debt Crisis

5 Νοεμβρίου, 2015

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Ben Cheikh, Nidhaleddine, Rault, Christophe, (2015), “The Pass-Through of Exchange Rate in the Context of the European Sovereign Debt Crisis”, IZA, Οκτώβριος. This paper investigates whether exchange rate pass-through (ERPT) into import prices is a nonlinear phenomenon for five heavily indebted Euro area countries, namely the so-called GIIPS group (Greece, Ireland, Italy, Portugal, and Spain). Using logistic smooth transition models, we explore the existence of nonlinearity with respect to sovereign bond …Read More

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How to tackle Europe’s non-performing loan problem

5 Νοεμβρίου, 2015

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Aiyar, Shekhar, Ilyina, Anna, Jobst, Andreas, (2015), “How to tackle Europe’s non-performing loan problem”, Voxeu, 5 Νοεμβρίου. European banks are struggling with high levels of non-performing loans. This column explores the channels through which persistently high non-performing loans hold down credit growth and economic activity. A survey of EU authorities and banks reveals that the loans are not written-off for a variety of deep-seated reasons, including legal and tax code issues. An agenda is …Read More

Βιβλιοθήκη » EE » Οικονομία » Πολιτική » Κείμενα Πολιτικής

The End Of German Hegemony – Really?

4 Νοεμβρίου, 2015

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Saraceno, Francesco, (2015), “The End Of German Hegemony – Really?”, Social Europe, 3 Νοεμβρίου. I was puzzled by Daniel Gros’ recent column in which he claims that Germany’s dominance of the EMU may be coming to an end. Gros’ argument is based on two facts. The first is the slowing growth rate of Germany, that seems to be heading towards the pre-crisis “normal” of slow growth (Germany grew less than the EMU …Read More

Βιβλιοθήκη » EE » Οικονομία » Πολιτική » Άρθρα Γνώμης

A Positive Theory of Tax Reform

4 Νοεμβρίου, 2015

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Ilzetzki, Ethan, (2015), “A Positive Theory of Tax Reform”, Centre for Economic Policy Research, Νοέμβριος. The political impediments to reform and the forces allowing its success are studied in a model where the tax base and statutory rate are separate instruments of tax policy. The model predicts that big bang reforms—large changes in the tax code—may be easier to enact than marginal reforms. Preferences over the tax base face a tipping point …Read More

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Firmer Foundations for a Stronger European Banking Union

3 Νοεμβρίου, 2015

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Schoenmaker, Dirk, (2015), “Firmer Foundations for a Stronger European Banking Union”, Bruegel Institute, Νοέμβριος The Banking Union is a milestone in European banking integration. While supervision of European banks by national supervisors was loosely coordinated through the European Banking Authority (EBA), the Banking Union has positioned the European Central Bank (ECB) as centralised supervisor of the European banks, initially in the euro area. The Banking Union creates a paradigm shift for the various stakeholders. …Read More

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Europe’s Orphan: The Future of the Euro and the Politics of Debt

30 Οκτωβρίου, 2015

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Sandbu, Martin, (2015), “Europe’s Orphan: The Future of the Euro and the Politics of Debt”, Princeton University Press, Οκτώβριος Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europe’s Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He argues …Read More

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Interlinkages between Household and Corporate Debt in Advanced Economies

30 Οκτωβρίου, 2015

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Bricongne, Jean-Charles, Maria Mordonu, Aurora, (2015), “Interlinkages between Household and Corporate Debt in Advanced Economies”, Discussion Paper 017, European Commission publications, Οκτώβριος This article contributes to the debate on deleveraging in the non-financial private sector. It proposes a framework to assess the interconnectedness of deleveraging in the household sector and in the nonfinancial corporations sector. In doing so, several factors are controlled for: inflation, interest rates, labour intensity and also the influence of the general government …Read More

Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Εκθέσεις-Μελέτες

Employment and the Great Recession : The Role of Real Wages

30 Οκτωβρίου, 2015

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B. Bakker, Bas, (2015), ” Employment and the Great Recession : The Role of Real Wages”, IMF publications, 28 Οκτωβρίου This paper argues that the sharp increase in unemployment in a number of advanced countries during the Great Recession was not just cyclical (the result of a lack of aggregate demand); the degree of adjustment of real wages and the impact this had on labor productivity also played a role. In many …Read More

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