Demertzis, Maria, (2016), “Are central bank(er)s still credible?”, Bruegel, 14 Ιουνίου Both the Fed and the ECB have managed to remain credible since the financial crisis, but their credibility levels have evolved differently. Since inflation in the US and the euro area has been similar in the past 8 years, the difference in the way that credibility has evolved is the result of the different macroeconomic policy mix applied. Σχετικές Αναρτήσεις …Read More

Adair Turner, (2016), “A Tale of Two Debt Write-Downs”, Project Syndicate, 10 Ιουνίου At the end of 2015, Greece’s public debt was 176% of GDP, while Japan’s debt ratio was 248%. Neither government will ever repay all they owe. Write-offs and monetization are inevitable, putting both countries in a sort of global vanguard. With total public and private debt worldwide at 215% of world GDP and rising, the tools on …Read More

Muellbauer, John, (2016), “Helicopter money and fiscal rules”, Voxeu, 10 Ιουνίου The Eurozone faces a lost decade or worse under current fiscal policy and restrictions on monetary policy. The ECB now faces a fundamental contradiction in its mandate between the Lisbon Treaty’s Article 127 (price stability, plus the ECB target of under but close to 2% inflation) and Article 123 (no overt monetary finance of governments). This article discusses three options …Read More

Leandro, Álvaro, (2016), “The use of ECB liquidity”, Bruegel, 9 Ιουνίου The Eurosystem’s regular open market operations consist of one-week liquidity-providing operations (MROs), and three-month liquidity-providing operations (LTROs). We have updated data on the use of these operations by country. Σχετικές Αναρτήσεις Ippolito, Filippo,  Peydró, José-Luis, Polo, Andrea, Sette, Enrico, (2016),  “Double bank runs, liquidity risk management, and Basel III”, Voxeu, 10 Μαΐου Garcia-de-Andoain, Carlos, Heider, Florian, Hoerova, Marie, Manganelli, Simone, (2016), “Lending-of-last-resort is as lending-of-last-resort does: Central bank …Read More

De Groen, Willem Pieter, Maselli, Ilaria, (2016), “The Impact of the Collaborative Economy on the Labour Market”, CEPS, 3 Ιουνίου The digitalisation of work is creating new ways of intermediating work, with for example platforms intermediating work between individuals online. These so-called online collaborative platforms have the potential to fundamentally change the labour market, but for the moment, with an estimated 100,000 active workers or 0.05% of total employees in the …Read More