COEURE Survey: Fiscal and Monetary Policies after the Crises

3 February, 2016

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Brendon, Charles, Corsetti, Giancarlo, (2016), “COEURE Survey: Fiscal and Monetary Policies after the Crises“, Centre for Economic Policy Research, January. We review the recent literature on macroeconomic stabilisation policy, with a particular focus on two major challenges that are particular to the post-crisis land- scape. These are, first, how to provide meaningful economic stimulus when the zero lower bound on nominal interest rates is binding. Second, how to design a stabilisation policy for the …Read More

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The nature and effectiveness of central-bank communication

3 February, 2016

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Hansen, Stephen, McMahon, Michael, (2016), “The nature and effectiveness of central-bank communication“, Voxeu, 3 February. In addition to setting interest rates, central banks also communicate with the public about economic conditions and future actions. While it has been established that communication can drive expectations, less is known about how it does so. This column attempts to shed light on this question. Applying novel measures to the content of Federal Reserve statements, it …Read More

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Chronic material deprivation and long-term poverty in Europe in the pre-crisis period

2 February, 2016

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Papadopoulos, Fotis, Tsakloglou, Panos, (2015), “Chronic material deprivation and long-term poverty in Europe in the pre-crisis period”, Improve, Discussion Paper No. 15/16, November In recent years research on the measurement of deprivation focuses increasingly on indices of multidimensional disadvantage rather than on more traditional uni-dimensional approaches of earlier studies that were focusing on income poverty. Further, the advent of panel survey data led to a large number of empirical studies that have …Read More

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Financial structure and growth revisited

2 February, 2016

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Langfield, Sam, Pagano, Marco, (2016), “Financial structure and growth revisited”, Voxeu, 1 February Why is growth in Europe so low? Among the contributing factors, this column highlights the role of financial structure. Intermediation in Europe is heavily bank-based, and the authors’ novel empirical findings indicate that such a structure exerts a negative effect on long-run economic growth and exacerbates its response to sharp drops in real estate prices. The findings support policymakers’ efforts to rebalance …Read More

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The Three Fears Sinking Global Markets

1 February, 2016

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Kaletsky, Anatole, (2016), “The Three Fears Sinking Global Markets”, Social Europe Journal, 1 February January is usually expected to be a good month for stock markets, with new money gushing into investment funds, while tax-related selling abates at the end of the year. Although the data on investment returns in the United States actually show that January profits have historically been on only slightly better than the monthly norm, the widespread belief …Read More

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Fiscal cost of refugees in Europe

1 February, 2016

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Ruist, Joakim, (2016), “Fiscal cost of refugees in Europe”, Voxeu, 28 January The current inflow of refugees into Europe has left policymakers in disagreement over how to react. A major concern is the perceived financial burden that can result from large intakes. This column discusses the fiscal impact of refugees on the Swedish economy. The current net redistribution from the non-refugee population to refugees (excluding arrivals in 2015) is estimated to …Read More

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A Nordic laggard can yet forge ahead with reforms

1 February, 2016

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Economist, (2016), “A Nordic laggard can yet forge ahead with reforms”, Economist, 1 February THE harbour may be frozen, but that does not stop a ferry with a few intrepid tourists on board from making its way through the ice to Suomenlinna, a former fortress and popular sight-seeing spot near Helsinki. Finns, whose country stretches from the Baltic Sea to the Arctic, are inured to hostile conditions, but their economy …Read More

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The Case For Universal Support For European Families

1 February, 2016

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Arendt, Daphne, (2016), “The Case For Universal Support For European Families”, Social Europe Journal, 1 February Austerity measures introduced during the crisis have disproportionately concerned cuts in the measures that are most vital for reducing child poverty: cash and tax benefits, a new Eurofound report shows. Furthermore, there has been a move away from universal coverage towards more targeted support. Of course, it makes good sense for governments to target …Read More

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The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle?

29 January, 2016

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Hagedorn, Marcus, Manovskii, Iourii, Mitman, Kurt, (2016), “The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle?”, Centre for Economic Policy Research, January. We measure the aggregate effect of unemployment benefit duration on employment and the labor force. We exploit the variation induced by Congress’ failure in December 2013 to reauthorize the unprecedented benefit extensions introduced during the Great Recession. Federal benefit extensions that ranged from 0 to 47 weeks across …Read More

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How Much Debt Is Too Much?

29 January, 2016

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Skidelsky, Robert, (2016), “How Much Debt Is Too Much?”, Social Europe, 29 January. Is there a “safe” debt/income ratio for households or debt/GDP ratio for governments? In both cases, the answer is yes. And in both cases, it is impossible to say exactly what that ratio is. Nonetheless, this has become the most urgent macroeconomic question of the moment, owing not just to spiraling household and government debt since 2000, but …Read More

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