Ozlem Onaran, Thomas Obst, (2016), “Wage-led growth in the EU15 member-states: the effects of income distribution on growth, investment, trade balance and inflation”, Camb. J. Econ. 2016 This paper estimates a multi-country demand-led growth model for the EU15. A decrease in the share of wages in national income in isolation leads to lower growth in Finland, France, Germany, Greece, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden and the United Kingdom, …Read More
Government monetary and fiscal operations: generalising the endogenous money approach
Tymoigne, Eric, (2016), “Government monetary and fiscal operations: generalising the endogenous money approach”, Cambidge Journal of Economics, Μάιος The traditional endogenous money approach can be generalised substantially by including the insights of Modern Money Theory regarding the necessary coordination of fiscal and monetary policies. A monetarily sovereign government is composed of two entities involved in the issuance and redemption of government monetary instruments. As such, one should include the role …Read More
The Way Back for Monetary Policy
Jong-Wha, Lee, (2016), “The Way Back for Monetary Policy”, Project Syndicate, 17 Μαΐου The central banks of major advanced economies have been navigating uncharted territory in recent years. While their use of a range of unconventional monetary-policy tools has had benefits, it has also generated significant uncertainty, without fully stabilizing the world economy. Now the time has come to head back toward more familiar policy terrain. Following the 2008 financial …Read More
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The Euro: A Political Failure and an Economic Disaster
Jespersen, Jesper, (2016), “The Euro: A Political Failure and an Economic Disaster”, International Journal of Political Economy, 29 Απριλίου Alain Parguez is right when he claims that the “euro” is a political failure and an economic disaster, in which French politicians and economists seem to have played a significant role. France’s elite envisaged being a dominant political power on the Continent after the two military defeats of Germany in 1918 and 1945. …Read More
Strategic fiscal policies and leadership in a monetary union
Chortareas, Georgios, Mavrodimitrakis, Christos, (2016), “Strategic fiscal policies and leadership in a monetary union”, European Journal of Political Economy, 30 Απριλίου We consider the strategic interactions between fiscal and monetary policies in a monetary union when a fiscal authority enjoys a strategic advantage. In particular we depart from the standard literature on strategic interactions in monetary unions in that we solve a three-stage game, where the two national fiscal authorities do not play simultaneously. …Read More
Low interest rates and banks’ net interest margins
Claessens, Stijn, Coleman, Nicholas, Donnelly, Michael, (2016), “Low interest rates and banks’ net interest margins”, Voxeu, 18 Μαΐου Since the Global Crisis, interest rates in many advanced economies have been low and, in many cases, are expected to remain low for some time. Low interest rates help economies recover and can enhance banks’ balance sheets and performance, but persistently low rates may also erode the profitability of banks if they are associated with …Read More
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Fighting the Next Global Financial Crisis
Shiller, Robert J., (2016), “Fighting the Next Global Financial Crisis”, Project Syndicate, 18 Μαΐου What do people mean when they criticize generals for “fighting the last war”? It’s not that generals ever think they will face the same weapon systems and the same battlefields. They certainly know better. The error, to the extent that the generals make it, must operate at a more subtle level. Generals are sometimes slow to get around …Read More
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From transparency to ambiguity: the impact of the ECB’s unconventional policies on the EMU
Krampf, Arie, (2016), “From transparency to ambiguity: the impact of the ECB’s unconventional policies on the EMU”, Journal of European Integration, 17 Μαρτίου There is no disagreement that during the crisis the EMU has gone through an institutional change. However, there is no agreement concerning the type of change and its drivers. This article focuses on the impact of the ECB’s unconventional policies on the EMU at large. The article draws on …Read More
Helicopter Money: An Old Novelty
Minenna, Marcello, (2016), “Helicopter Money: An Old Novelty”, Social Europe, 17 Μαΐου Times have surely changed: as little as three years ago, Quantitative Easing was considered a remote hypothesis, EU inflation was well over 2% and only a small fraction of “heretics” (including myself) dared to discuss “helicopter money” as a measure to revive the economy. The “money from helicopters”, dubbed complete madness by Milton Friedman from 1948, has been a taboo …Read More
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Going Forward from B to A? Proposals for the Eurozone Crisis
Amato, Massimo, Fantacci, Luca, Papadimitriou, Dimitri B., Zezza, Gennaro, (2016), “Going Forward from B to A? Proposals for the Eurozone Crisis”, Levy Economics Institute of Bard College, Μάιος After reviewing the main determinants of the current eurozone crisis, this paper discusses the feasibility of introducing fiscal currencies as a way to restore fiscal space in peripheral countries, like Greece, that have so far adopted austerity measures in order to abide by their commitments to eurozone institutions and …Read More