Claeys, G., Leandro, A. & Mandra, A. (2015) “European Central Bank quantitative easing: the detailed manual“, Bruegel Institute, 11 Μαρτίου. The European quantitative easing programme, the Public Sector Purchase Programme (PSPP), started on 9 March 2015 and will last at least until September 2016. Purchases will be composed of sovereign bonds and securities from European institutions and national agencies. The European Central Bank Governing Council imposed limits to ensure …Read More
Will Podemos rescue Spain’s unemployed youths?
Weisbrot, M. (2015) “Will Podemos rescue Spain’s unemployed youths?“, Forbes Magazine, Commentary, 09 Μαρτίου. In just two months since it was created, the leftist party pushing for an end to austerity in debt-troubled Spain has won 8% of the vote in Europe’s parliamentary elections. Earlier this year, the electoral victory of Syriza in Greece marked the first government elected within the troubled eurozone to finally say no to European …Read More
Έρευνα για τις Προοπτικές Απασχόλησης στην Ελλάδα – Ά τρίμηνο 2015
Manpower Group: Έρευνα για τις Προοπτικές Απασχόλησης στην Ελλάδα – Ά τρίμηνο 2015, 10 Μαρτίου 2015. Οι Έλληνες εργοδότες αναφέρουν ενθαρρυντικές προθέσεις για όσους θα αναζητήσουν εργασία κατά το προσεχές τρίμηνο. Με το 16% των εργοδοτών να προβλέπει αύξηση του αριθμού των απασχολουμένων, το 12% να προβλέπει μείωση και το 70% να μην αναμένει κάποια αλλαγή, οι Συνολικές Προοπτικές Απασχόλησης ανέρχονται στο +4%. Σε συνέχεια της εποχικής προσαρμογής των …Read More
The Political Economy of the Greek Debt Crisis: A Tale of Two Bailouts
Ardagna, S. & Caselli, F. (2015) “The Political Economy of the Greek Debt Crisis: A Tale of Two Bailouts“, Centre for Economic Performance Special Paper, Special Paper No. 25, Ιανουάριος 2014. We review the events that led to the May 2010 and July 2011 bailout agreements. We interpret the bailouts as outcomes of political-economy equilibria. We argue that these equilibria were likely not on the Pareto frontier, and sketch …Read More
It’s Time for Greece’s Left to Get On Board
Palaiologos, Υ. (2015) “It’s Time for Greece’s Left to Get On Board“, Wall Street Journal, 05 Μαρτίου. Greece’s Finance Minister Yanis Varoufakis sent a letter last week to Jeroen Dijsselbloem, president of the group of eurozone finance ministers, outlining the reforms that Athens would push through during the approved four-month extension of the country’s bailout. On the thorny subject of privatization, the letter said that the new government commits …Read More
Monetary policy and credit costs
Gertler, M. & Karadi, P. (2015) “Monetary policy and credit costs“, VoxEU Organisation, 10 Μαρτίου. Evidence of the impact of monetary policy on economic activity supports conventional models with nominal rigidities. This column highlights the importance of the ‘credit channel’ of monetary policy. Unanticipated tightening produces a significant drop in real activity. However, monetary policy responses produce large movements in credit costs, which are due to the reaction of …Read More
Why is the Greek government so popular with left-wingers?
Cowen, T. (2015) “Why is the Greek government so popular with left-wingers?“, Marginal Revolution Blog, 10 Μαρτίου. Even though the Greek electorate has elected left-wing leaders, the “the Greek government” hasn’t actually changed all that much. It is still dysfunctional, corrupt, and very protective of special interests in nationally harmful ways. Yet I find that if I criticize the Greek government on Twitter I receive many angry, self-righteous comebacks, …Read More
Will the “troika” return to Athens?”
Spiegel, P. (2015) “Will the “troika” return to Athens?”, Financial Times, 09 Μαρτίου. Among the issues plaguing deliberations over the way forward on Greece’s bailout is how the country’s international creditors can verify its economic and fiscal situation without sending monitors to Athens– which would look very much like the return of the hated “troika”. Alexis Tsipras, the new Greek prime minister, has declared the death of the troika …Read More
Europe is being torn apart – but the torture will be slow
Garton Ash, T. (2015) “Europe is being torn apart – but the torture will be slow“, The Guardian, 08 Μαρτίου 2015. This monetary union without a political one will continue to cause suffering and divide the north from the south “If the euro fails, Europe fails”: thus spake Angela Merkel. Unfortunately, the euro is failing, but it is failing slowly. Even if Greece grexits, the eurozone seems unlikely to …Read More
The fiscal effects of work-related tax expenditures in Europe
Barrios, S., Fatica, S., Martinez, D. & Mourre, G. (2015) “The fiscal effects of work-related tax expenditures in Europe“, European Economy. Economic Papers, Νο. 545. February: Brussels. Work-related tax incentives can have a significant effect on how much, if at all, certain individuals decide to work. This paper examines the fiscal impacts and associated welfare costs of reforms to such tax relief measures in five European countries, France, Spain, …Read More