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How to design a stimulus package

Pascal Michaillat and Emmanuel Saez, (2019), “How to design a stimulus package”, VoxEU, 13 May Academics and policymakers alike have debated how to structure an optimal stimulus package since the Great Recession. This column revisits the arguments related to the size of the multiplier and the usefulness of public spending, and offers a blueprint for future stimulus packages. It finds that the relationship between the multiplier and stimulus spending is …Read More

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Italy’s incurable economy

Silvia Sciorilli Borrelli, (2019), “Italy’s incurable economy”, Politico, 13 May Ιtaly’s economy is sick and the governing coalition can’t agree on the cure — among themselves or with Brussels. The European Commission said last week that the government’s flagship measures — an early retirement scheme and a citizens’ income (a monthly allowance for certain jobseekers) — failed to trigger the growth the League-5Stars coalition had envisaged. To make matters worse, …Read More

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Uncertainty shocks, monetary policy and long-term interest rates

Gianni Amisano and Oreste Tristani, (2019), “Uncertainty shocks, monetary policy and long-term interest rates”, ECB Working Paper Series No 2279, May We study the relationship between monetary policy and long-term rates in a structural, general equilibrium model estimated on both macro and yields data from the United States. Regime shifts in the conditional variance of productivity shocks, or ”uncertainty shocks”, are an important model ingredient. First, they account for countercyclical …Read More

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The global economy hit by higher uncertainty

Hites Ahir, Nicholas Bloom and Davide Furceri, (2019), “The global economy hit by higher uncertainty”, VoxEU, 11 May According to the latest IMF projections, the global economy is now projected to grow at 3.3% in 2019, down from 3.6% in 2018. This is partly due to rising uncertainty in many parts of the world. This column shows how these statements are in line with the latest reading of the World …Read More

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Don’t Fear the Euroskeptics

Gros, Daniel (2019), “Don’t Fear the Euroskeptics“, Project-Syndicate. org, Μάιος Although the European Union is arguably as popular as ever, the next European Parliament may well contain a large minority of forces skeptical or hostile to further integration. Instead of viewing this as a threat, pro-Europeans should seize the opportunity to start a necessary debate about the continent’s future. Σχετικές Αναρτήσεις Karl Aiginger, (2019), «Populism: Roots, consequences, and counter strategy», 20 …Read More

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European Economic Forecast – Spring 2019

European Commission (2019), “European Economic Forecast – Spring 2019“, Institutional Paper 102, May Economic activity in the EU slowed further in the second half of 2018 as growth in the global economy and trade weakened amid tightened global financing conditions, unresolved trade tensions, high uncertainty, and as a result of exceptional weakness in the manufacturing sector that extended into the start of 2019. The slowdown was even more pronounced in the …Read More

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Monetary policy, credit institutions and the bank lending channel in the euro area

Carlo Altavilla, Desislava C. Andreeva, Miguel Boucinha and Sarah Holton (2019), “Monetary policy, credit institutions and the bank lending channel in the euro area”, ECB Occasional Paper Series No 222, May As the euro area has a predominantly bank-based financial system, changes in the composition and strength of banks’ balance sheets can have very sizeable implications for the transmission of monetary policy. This paper provides an overview of developments in …Read More

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Euro area annual inflation up to 1.7%

Eurostat/Euro area annual inflation up to 1.7%/3 May 2019 Euro area annual inflation is expected to be 1.7% in April 2019, up from 1.4% in March according to a flash estimate from Eurostat, the statistical office of the European Union. Relevant Posts Eurostat/Annual inflation down to 1.4% in the euro area/17 April 2019 Eurostat/Euro area annual inflation down to 1.4%/1 April 2019  

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Low productivity jobs continue to drive employment growth

OECD, (2019), “Low productivity jobs continue to drive employment growth”, 29 April Employment is rising in OECD countries but most jobs continue to be created in relatively low-productivity, low-wage activities, says a new OECD report. The latest Compendium of Productivity Indicators says the trend has compounded the impact of generally weak business investment on productivity growth. The downward pressure on wages may have allowed firms to defer investment decisions, instead …Read More

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EU enlargement 15th anniversary: Upward steps on the income ladder

Zsolt Darvas, (2019), “EU enlargement 15th anniversary: Upward steps on the income ladder”, Bruegel, 30 April Since their accession to the EU 15 years ago, the incomes of most central Europeans have increased faster than the incomes of longer-standing members and, thereby, they moved upwards in the EU distribution of income. Yet the very poorest people have not progressed in some countries. Relevant Posts Thomas Blanchet, Lucan Chancel and Amory …Read More

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