Resilience of market liquidity

20 January, 2016

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Brandao-Marques, Luis, Gelos, Gaston, (2016), “Resilience of market liquidity”, Voxeu, 18 January. Concerns about both the level of bond market liquidity and its fragility have risen lately, prompted partly by events such as the October 2014 Treasury bond flash rally in the US, or the April 2015 Bund tantrum in Europe. This column assesses current market liquidity and resilience, discerning several key policy recommendations from the evidence. Relevant Posts Kay, John, (2015), “Liquidity …Read More

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The evolution of the gender gap in industrialized countries

20 January, 2016

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Olivetti, Claudia, Petrongolo, Barbara, (2016), “The evolution of the gender gap in industrialized countries”, Centre for Economic Policy Research, January. Women in developed economies have made major inroads in labor markets throughout the past century, but remaining gender differences in pay and employment seem remarkably persistent. This paper documents long-run trends in female employment, working hours and relative wages for a wide cross-section of developed economies. It reviews existing work on the factors driving …Read More

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Sovereign to corporate risk spillovers

20 January, 2016

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Augustin, Patrick, Boustanifar, Hamid, Breckenfelder, Johannes, Schnitzler, Jan, (2016), “Sovereign to corporate risk spillovers”, Working Paper Series No. 1878, European Central Bank, January Using the announcement of the first Greek bailout on April 11, 2010, we quantify significant spillover effects from sovereign to corporate credit risk in Europe. A ten percent increase in sovereign credit risk raises corporate credit risk on average by 1.1 percent after the bailout. These effects are more …Read More

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2016 already puts its mark on the economic map of Europe

19 January, 2016

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Emerson, Michael, (2016), “2016 already puts its mark on the economic map of Europe”, Ceps publications, 8 January The start of 2016 brought highly symbolic changes to the trade policy map of Europe between the EU- and Russian-led blocs, as the EU’s Deep and Comprehensive Free Trade Area (DCFTA) with Ukraine entered into force provisionally, while Russia moved in precisely the opposite direction by scrapping its free trade agreement with …Read More

Library » EU » Economy » Politics » Policy Papers

Effectiveness and Channels of Macroprudential Instruments : Lessons from the Euro Area

19 January, 2016

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Tressel, Thierry, Sophia Zhang, Yuanyan, (2016), “Effectiveness and Channels of Macroprudential Instruments : Lessons from the Euro Area”, IMF Publications, 12 January The crisis has highlighted the importance of setting up macro-prudential oversight frameworks, having effective macro-prudential instruments in place to be called upon to mitigate growing financial imbalances as needed. We develop a new approach using the euro area Bank Lending Survey to assess the effectiveness of macro-prudential policies in containing credit …Read More

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A financial side to a macroeconomic story: macro imbalances and financial integration in the euro area

19 January, 2016

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Merler, Sylvia, (2016), “A financial side to a macroeconomic story: macro imbalances and financial integration in the euro area”, Bruegel publications, 18 January In a recent paper, I looked at the evolution of financial cycles in the euro area and at their link with capital flows. Here, I focus on how those findings inform our understanding of euro-area macroeconomic imbalances, revisiting the analysis of national savings and investment correlation. Relevant …Read More

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The ECB and the Fed: A comparative narrative

19 January, 2016

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Woong Kang, Dae, Ligthart, Nick, Mody, Ashoka, (2016), “The ECB and the Fed: A comparative narrative”, Voxeu, 19 January Although the Great Recession was viewed as a US problem, the Eurozone was affected by it from the start. This column compares the monetary policy responses to the Crisis by the Fed and the ECB. It argues that the US approach has been much more aggressive and proactive. The ECB failed to provide stimulus when needed, …Read More

Library » EU » Economy » Politics » Opinion Articles

Eurosystem Staff Macroeconomic Projections for the Euro Area

18 January, 2016

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European Central Bank, (2015), “Eurosystem Staff Macroeconomic Projections for the Euro Area”, ECB Macroeconomic Projections, December The economic recovery in the euro area is expected to continue. Real GDP is projected to increase by 1.5% in 2015, 1.7% in 2016 and 1.9% in 2017. The overall outlook is broadly unchanged compared with the previous exercise, but the outlook for domestic demand is stronger, while that for foreign demand is weaker. Inflation is expected …Read More

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Lost in assumptions: assessing the economic impact of migrants

18 January, 2016

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Boot, Nuria, Huttl, Pia, (2016), “Lost in assumptions: assessing the economic impact of migrants”, Bruegel publications, 18 January What’s at stake: Many research institutes have estimated the economic impact of migrants, in particular regarding fiscal budgets and the labour market. These studies often give contradictory results. This blogs review looks at the different assumptions and approaches behind these results. Relevant Posts Carcea Carpus, Mihaela, Ciriaci, Daria, Lorenzani, Dimitri, Pontuch, Peter, …Read More

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The economic value of personal data for online platforms, firms and consumers

18 January, 2016

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Liem, Cassandra, Petropoulos, Georgios, (2016), “The economic value of personal data for online platforms, firms and consumers”, 14 January Data is often referred to as the ‘oil of the twenty-first century’. This article reviews how personal data generate economic value for the three major parties of the digital market: online platforms (such as search engines, social networking sites, online videos, content sites) and their clients, companies and consumers. Relevant Posts …Read More

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