Papanikolaou, Nikolaos I., Wolff, Christian C, (2015), “Does the CAMEL bank ratings system follow a procyclical pattern?”, Centre for Economic Policy Research, Νοέμβριος. The financial crisis which erupted in 2007-8 has illustrated the disruptive effects of procyclicality. The phenomenon of procyclicality refers to the mutually reinforcing interactions between the financial system and the real economy that tend to amplify business cycle fluctuations. These fluctuations can cause or exacerbate turbulences in the financial system …Read More
Distributional consequences of asset price inflation in the Eurozone
Adam, Klaus, Tzamourani, Panagiota, (2015), “Distributional consequences of asset price inflation in the Eurozone”, Voxeu, 3 Δεκεμβρίου. Central banks’ unconventional monetary policy measures are often accompanied by asset price changes. This column investigates the distributional effects associated with asset price increases. The findings show that house price increases lead to a significant decrease in net wealth inequality in the Eurozone, whereas equity price increases lead to a significant rise in inequality. Bond …Read More
Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Άρθρα Γνώμης
On Zombie Banks and Recessions after Systemic Banking Crises
Homar, Timotej, Wijnbergen, Sweder van, (2015), “On Zombie Banks and Recessions after Systemic Banking Crises”, Centre for Economic Policy Research, Νοέμβριος. What costs do zombie banks impose on society? We analyze the effects of government and central bank interventions in 68 systemic banking crises since 1980, of which 28 are part of the recent global financial crisis. Our estimation approach controls for the correlation between intervention measures and the time-invariant component of unobservable crisis …Read More
EZ internal devaluations: Evidence on negative demand spillovers
Decressin, Jörg, Loungani, Prakash, (2015), “EZ internal devaluations: Evidence on negative demand spillovers”, Voxeu, 2 Δεκεμβρίου. Internal devaluations have been suggested as a possible policy option for countries in a currency union facing large external deficits. These policy actions seek to restore competitiveness by replicating the outcomes of an external devaluation. This column examines wage moderation as a potential means of internal devaluation for EZ countries. If pursued by several countries, wage moderation …Read More
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Liquidity Helps Financial Market Participants, Not Businesses And Households
Kay, John, (2015), “Liquidity Helps Financial Market Participants, Not Businesses And Households”, Social Europe, 1 Δεκεμβρίου. Nothing illustrates more starkly the difference between the preoccupations of financial market participants and the needs of businesses and households than the subject of liquidity.Last week the Bank of England held an open forum to discuss what the financial sector contributes to the real economy, and I took part in a discussion on the role …Read More
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Have central banks lost their ability to control inflation?
Claeys, Grégory, Wolff, Guntram B., (2015), “Have central banks lost their ability to control inflation?”, Bruegel Blog, 1 Δεκεμβρίου. The potential effects of global integration on inflation dynamics, and whether this could affect the ability of central banks to fulfil their mandates. Σχετικές Αναρτήσεις Claeys, Grégory, Wolff, Guntram B., (2015), “Is globalisation reducing the ability of central banks to control inflation?”, Bruegel Publlications, Issue 18, 12 Νοεμβρίου. Blanchard, Olivier, Cerutti, Eugenio, Summers, Lawrence, (2015), “Inflation and Activity – Two …Read More
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An update of Blanchard’s and Leigh’s estimates in ‘Growth Forecast Errors and Fiscal Multipliers ’
Mohlmann, Jan, Suyker, Wim, (2015), “An update of Blanchard’s and Leigh’s estimates in ‘Growth Forecast Errors and Fiscal Multipliers ’”, Voxeu, 1 Δεκεμβρίου Olivier Blanchard and Daniel Leigh’s work on growth forecast errors and fiscal multipliers in 2009-2011 has been highly influential. This column extends their approach to recent years. The authors do not find convincing evidence for stronger-than-expected fiscal multipliers for EU countries during the sovereign debt crisis (2012-2013) or during the …Read More
Unlearning economic paradigms
Cohen-Setton, Jeremie, (2015), “Unlearning economic paradigms”, Bruegel publications, 30 Νοεμβρίου What’s at stake: Both the crisis, its aftermath, and the empirical econ revolution have changed our understanding of economics. Conventional wisdoms about the supply side of the economy, the length of the short run, or the international adjustment process are all being challenged. Even conventional microeconomic wisdoms about the role of minimum wages and welfare programs are being challenged by …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Monetary policy expectations and aggregate EZ shocks
Camacho, Máximo, Leiva-Leon, Danilo, Pérez-Quirós, Gabriel, (2015), “Monetary policy expectations and aggregate EZ shocks”, Voxeu, 1 Δεκεμβρίου Today’s monetary policy effectiveness depends on expectations of future monetary policy. Shocks affect such expectations, but the nature of the shock matters. This column presents evidence that negative demand shocks lead markets to expect looser policy in the short run. Negative supply shocks lead to expectations of looser policy in the medium to long run. Unexpected expansions – …Read More
Accounting for differences in Europe’s post-Crisis growth
Daly, Kevin, Munday, Tim, (2015), “Accounting for differences in Europe’s post-Crisis growth”, Voxeu, 28 Νοεμβρίου The fallout from the Global Crisis and its aftermath has been deeply damaging for European output. This column uses a growth accounting framework to explore the pre-Crisis and post-Crisis growth dynamics of several European countries. The weakness of post-Crisis real GDP in the Eurozone manifested itself in a decline in employment and average hours worked. However, decomposing growth …Read More