European Central Bank, (2016), “Survey on the Access to Finance of Enterprises in the euro area”, ECB, Ιούνιος This report presents the main results of the 14th round of the Survey on the Access to Finance of Enterprises (SAFE), which was conducted between 10 March and 21 April 2016. The total euro area sample size was 11,725 enterprises, of which 10,709 (91%) had fewer than 250 employees.1 The report mainly …Read More
Kay, John, (2016), “Helicopter Money: A Disguise For Debt Financing Funded By Short-Term Borrowing”, Social Europe, 2 Ιουνίου The term “helicopter money” is derived from a vivid image created by the US economist Milton Friedman in which a central banker showers notes on a grateful populace. More recently, the notion has been promoted by Adair Turner, the former chairman of the UK financial regulator, in his book, Between Debt and the Devil. …Read More
OECD, (2016), “OECD Economic Outlook”, OECD, Volume 2016 Issue 1, Ιούνιος The global economy is stuck in a low-growth trap that will require more coordinated and comprehensive use of fiscal, monetary and structural policies to move to a higher growth path and ensure that promises are kept to both young and old, according to the OECD’s latest Global Economic Outlook. “Growth is flat in the advanced economies and has slowed in many …Read More
Elena Andreou, Snezana Eminidou, Marios Zachariadis, (2016), “Inflation expectations and monetary policy in Europe”, CEPR DP11306, Ιούνιος We use monthly data across fifteen euro-area economies for the period 1985:1-2015:3 to obtain different monetary policy shocks pertaining to more versus less informed individuals. We then investigate how these affect inflation expectations of different types of consumers before and after the incidence of the recent Crisis. Shocks obtained based on the assumption that …Read More
Ostry, Jonathan D., Loungani, Prakash, Furceri, Davide, (2016), “Neoliberalism: Oversold?”, IMF Finance and Development, Volume 53 Number 2, Iούνιος Milton Friedman in 1982 hailed Chile as an “economic miracle.” Nearly a decade earlier, Chile had turned to policies that have since been widely emulated across the globe. Th e neoliberal agenda—a label used more by critics than by the architects of the policies— rests on two main planks. Th e fi rst …Read More
Cohen-Setton, Jérémie, (2016), “The abandonment of counter-cyclical fiscal policy”, Bruegel, 3o Μαΐου What’s at stake: The reluctance to use fiscal policy as a stabilizing tool in the current deflationary environment has been puzzling to many and a number of authors are now putting forward possible explanations.In its 2015 Fiscal Monitor, the IMF writes that to be stabilizing, the fiscal balance needs to increase when output rises and to decrease when it falls. …Read More
Giuseppe Bertola, (2016), “Labor policies and capital mobility in theory and in EMU”, European Economic Review Volume 87, Αύγουστος Europe׳s Economic and Monetary Union (EMU) was characterized by large international imbalances and uneven national labor market reforms. In this paper׳s model, labor policies that aim to increase the welfare of capital-poor individuals within each country are influenced by financial integration across differently capital-abundant countries. The model predicts that capital outflows should be …Read More
Daphne Halikiopoulou, Tim Vlandas, (2016), “Risks, Costs and Labour Markets: Explaining Cross-National Patterns of Far Right Party Success in European Parliament Elections”, Journal of Common Market Studies Volume 54, Issue 3, Μάϊος Does the economy affect patterns of far-right party support across countries? This article reconceptualizes micro-level analyses that focus on the effect of unemployment through a framework of costs, risks and the mediating role of labour market institutions. It then …Read More
Davaki, Konstantina, (2016), “Differences in men’s and women’s work, care and leisure time”, European Parliament/Study for the FEMM Committee, Μάρτιος The economic crisis has profoundly affected the labour market and private life of men and women. This study examines the interrelation of policies with the ways women and men allocate time to paid work, care and leisure and the gendered outcomes produced in different socio-economic and cultural settings. It shows …Read More
Torben M. Andersen, Jonas Maibom, (2016), “The trade-off between efficiency and equity”, Voxeu, 29 Μαϊου Theory and empirical data contest the direction of causality in the relationship between economic performance and income inequality – a relationship that is of great political importance. This column uses evidence from OECD countries to show that the relationship is not linear. While some countries can improve economic performance only at the cost of increasing …Read More
