Margareta Drzeniek-Hanouz, (2018), “Rethinking the Twenty-First-Century Economy”, Project Syndicate, 16 April With the rise of digital technologies and big data, the global economy is undergoing a fundamental transformation that poses significant challenges to governments and policymakers. Unless tools are developed to measure new sources of value in the real economy, current and future generations’ wellbeing will be in jeopardy. For governments to cope with these mounting pressures, they will need to …Read More
The limits of central bank cooperation: Evidence from the Gold Pool (1961-1968)
Michael Bordo, Eric Monnet, Alain Naef, (2018), “The limits of central bank cooperation: Evidence from the Gold Pool (1961-1968)”, 18 April Central bank cooperation has once again become a central issue amid the Global Crisis and the persistence of global imbalances, but there are few examples of successful cooperation schemes that survived the test of time. This column argues that the Gold Pool of 1961-1968 offers a unique example of …Read More
IMF – World Economic Outlook report – April 2018
IMF, (2018), “World Economic Outlook report -Cyclical Upswing, Structural Change”, April The global economic upswing that began around mid-2016 has become broader and stronger. This new World Economic Outlook report projects that advanced economies as a group will continue to expand above their potential growth rates this year and next before decelerating, while growth in emerging market and developing economies will rise before leveling off. For most countries, current favorable …Read More
ΕΛΣΤΑΤ- Η ΕΛΛΗΝΙΚΗ ΟΙΚΟΝΟΜΙΑ (THE GREEK ECONOMY)
Elstat: The Greek Economy, 13 April 2018 The Greek Economy publication aims to provide the latest key economic information on Greece in a clear and comprehensive manner. Written in both the Greek and English languages, it is designed for users of statistics who seek updated information on recent economic developments, as well as long-term economic trends. It provides information on major economic indicators and time series compiled mostly by the …Read More
The impact of the Brexit vote on European Capital Markets Union
Miranda Xafa, (2018), “The impact of the Brexit vote on European Capital Markets Union”, VoxEU, 18 April The Brexit vote was a clear setback in the effort to integrate European capital markets. It slowed down the implementation of the Capital Markets Union agenda to avoid pre-empting the Brexit negotiations, and risks an inefficient break-up in the activities of clearing houses that deal in euro-denominated securities. This column, the second in …Read More
It may get worse before it gets better: The short-term employment consequences of structural reforms
Andrea Bassanini, Federico Cingano, (2018), “It may get worse before it gets better: The short-term employment consequences of structural reforms”, VoxEU, 16 April Structural reforms feature prominently in the political agenda of many countries in a bid to promote and sustain economic growth. And yet, the pace of reforms slowed down during the recent recession and subsequent sluggish recovery, both in developed and emerging economies (OECD 2016, IMF 2016a). These …Read More
The effective lower bound and the desirability of gradual interest rate adjustments
Sebastian Schmidt, (2018), “The effective lower bound and the desirability of gradual interest rate adjustments”, ECB, Research Bulletin No. 45, 13 April The lower bound on nominal interest rates makes it desirable for monetary policy to aim for gradual adjustments of the policy rate in addition to the stabilisation of inflation and the output gap. In a situation where the economy is in recession, inflation is below target, and the …Read More
The post-crisis TFP growth slowdown in CEE countries: exploring the role of Global Value Chains
Francesco Chiacchio, Katerina Gradeva, Paloma Lopez-Garcia, (2018), “The post-crisis TFP growth slowdown in CEE countries: exploring the role of Global Value Chains”, Working Paper Series, No 2143 / April 2018 Using micro-aggregated firm information for nine Central and Eastern European (CEE) countries and data from input-output tables, we examine the role of Global Value Chains (GVCs) for technology diffusion across EU countries. Our empirical results provide support for a two-stage diffusion …Read More
Where Does the ECB Go From Here?
Mervyn King, (2018), “Where Does the ECB Go From Here?”, BloombergView, 16 April Europe’s central bank is an unavoidably political organization I once congratulated Mario Draghi on his performance as president of the European Central Bank, telling him he had made only one mistake. “What’s that?” came the instant question. “Taking the job,” I replied. My point was that by the time Draghi was appointed, the ECB could no longer …Read More
The year at a glance – Annual Report 2017 ECB
ECB, (2018), “Annual Report 2017”, April In 2017, the economic recovery in the euro area developed into a solid and broad-based expansion. The economy grew by 2.5% and by the end of the year had recorded 18 straight quarters of growth. This represented the strongest expansion for a decade, and the broadest for two decades. The dispersion of growth rates among euro area countries fellto its lowest level since the start of Monetary …Read More