Has ECB QE lifted inflation?

13 January, 2016

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Darvas, Zsolt, (2016), “Has ECB QE lifted inflation?”, Bruegel Blog, 13 January. Euro-area headline inflation has remained close to zero since the ECB stepped up its quantitative easing programmes in early 2015, but this does not mean that QE has been ineffective: core inflation and its adjusted version for the indirect effects of low oil prices have steadily increased throughout 2015. Relevant Posts Constâncio, Vítor, Hartmann, Philipp, Tristani, Oreste, (2015), “Selected Takeaways from the …Read More

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Beyond competitive devaluations: The monetary dimensions of comparative advantage

12 January, 2016

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Bergin, Paul , Corsetti, Giancarlo, (2016), “Beyond competitive devaluations: The monetary dimensions of comparative advantage”, Voxeu, 11 January Competitive devaluation is a long-standing idea in international macroeconomic theory. This column takes a step back from the current debate and assesses a different perspective on monetary and exchange rate policies. Strategic behaviour is shown to be detrimental from a global welfare perspective. Due to negative spillovers elsewhere, devaluations invite retaliation – which …Read More

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Debt crises in Europe and US states: Sovereign spillovers on private borrowers

12 January, 2016

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Arellano, Cristina , Atkeson, Andy , L. J. Wright, Mark, (2016), “Debt crises in Europe and US states: Sovereign spillovers on private borrowers”, Voxeu, 10 January In the recent crisis in Southern Europe both sovereign governments and private citizens faced increased borrowing costs on their external debt. By contrast, no spillover to private borrowers occurred from the recent US state government debt crisis. This column argues that this different experience …Read More

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Caputalism: Will Capitalism Die?

12 January, 2016

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Misik, Robert, (2016), “Caputalism: Will Capitalism Die? “, Social Europe Journal, 12 January The fact that western capitalism is in a severe crisis is now so commonplace that it’s become almost a cliché. In 2008 the global financial system stood on the brink of collapse and the rescue measures undertaken by panic-stricken governments will burden their economies for years to come. Relevant Posts Hodgson, Geoffrey, (2015), “Conceptualizing Capitalism-Institutions, Evolution, Future”, …Read More

Library » EU » Economy » Politics » Opinion Articles

A more perfect, but also smaller union?

12 January, 2016

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Gros, Daniel, (2016), “A more perfect, but also smaller union?”, Ceps, 11 January The Great Financial Crisis showed that Europe’s monetary union was very imperfect. It took the ‘near-death’ experience of the euro crisis of 2010-12 to force Europe’s leaders to act. The response was then to create a large fund to help states in difficulty (the €700 billion European Stability Mechanism, or ESM) and the (imperfect) banking union, with …Read More

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Labour market policy: Parts of the picture are missing

11 January, 2016

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Arni, Patrick, Lalive, Rafael, van den Berg, Gerard, (2016), “Labour market policy: Parts of the picture are missing”, Voxeu, 11 January The standard empirical evaluations of labour market policy only consider the direct effects of single programmes on their participants. This column argues that this fails to capture important aspects of real-world labour market policy – policy regimes and strategies. Using Swiss data, it employs a novel empirical approach that concurrently examines the effects of …Read More

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The use of models by policymakers

11 January, 2016

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Cohen-Setton, Jeremie, (2016), “The use of models by policymakers”, Bruegel, 11 January What’s at stake: The latest discussions on the blogosphere have been dominated by a back and forth trialogue between Larry Summers, Paul Krugman and Brad DeLong on the appropriate use of models as policy guides. While they all agree that the Fed’s decision to raise rates was a mistake, they disagree on the intellectual reasons behind it. Relevant …Read More

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Poland Needs an Independent Central Bank

11 January, 2016

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Bloombeg View, (2016), “Poland Needs an Independent Central Bank”, 11 Ιανουαρίου In the two months since it won an absolute majority in parliament, Poland’s Law and Justice Party has seemed more intent on achieving something close to absolute power. Σχετικές Αναρτήσεις Wyplosz, Charles, (2015), “Grexit: The staggering cost of central bank dependence”, Voxeu, 29 Ιουνίου Merler, S. (2014) “Shrinking times – ECB excess liquidity falls below €100 billion”, Bruegel Think Tank, 24 …Read More

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How The Oil Price Crash Is Wrecking Mario Draghi’s QE Effect

11 January, 2016

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Minenna, Marcello, (2016), “How The Oil Price Crash Is Wrecking Mario Draghi’s QE Effect”, Social Europe Journal, 11 January 2015 will go down as the year when the oil price crash did not result in a swift decline in oil output. At a first glance, this seems a very strange phenomenon. Although the price reduction has been massive (-75% in 18 months) it is certainly not the fastest: in 2008, …Read More

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Public investment efficiency and growth

11 January, 2016

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Berg, Andrew, Presbitero, Andrea, Felipe Zanna, Luis, (2016), “Public investment efficiency and growth”, Voxeu, 5 January What is the growth impact of an increase in the rate of public investment spending? And in particular, how does this depend on the efficiency of public investment spending? These questions have emerged in the debate about the need to bolster public investment to exit a low-growth, high-unemployment conundrum in Europe (e.g. Summers 2014, Teulings and Baldwin 2014, …Read More

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