Decressin, Jörg, Espinoza, Raphael, Halikias, Ioannis, Leigh,Daniel, Loungani, Prakash, Medas, Paulo, Mursula, Susanna, Schindler, Martin, Spilimbergo, Antonio, Xu,TengTeng, (2015), “Wage Moderation in Crises-Policy Considerations and Applications to the Euro Area”, IMF, November. This paper discusses the short-run economic impact of wage moderation and the implications for policy in the context of the euro area crisis, with a focus on the roles of monetary policy and the zero lower bound (ZLB). It explores the channels …Read More
The Distribution of Debt Across Euro Area Countries: The Role of Individual Characteristics, Institutions and Credit Conditions
Bover, Olympia, Casado, José Maria, Costa, Sonia, Du Caju, Philip, McCarthy,Yvonne, Sierminska, Eva, Tzamourani, Panagiota, Villanueva, Ernesto, Zavadil,Tibor, (2015), “The Distribution of Debt Across Euro Area Countries: The Role of Individual Characteristics, Institutions and Credit Conditions”, Centre for Economic Policy Research, November. The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics. We consider three different outcomes: …Read More
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Why Turkish growth ended: An institutional perspective
Acemoglu, Daron, Üçer, Murat, (2015), “Why Turkish growth ended: An institutional perspective”, Voxeu, 18 November Following an anaemic performance with severe imbalances in the 1990s and a debilitating financial crisis in 2001, Turkey enjoyed a period of rapid economic growth. Since about 2007 onwards, however, economic growth has slowed significantly and productivity growth has stagnated. This column argues that, rather than providing another example of the ‘stop-and-go’ cycles typical of emerging economies, the …Read More
Library » EU » Economy » Policy Papers
The IMF’s analysis of the Irish bailout
Vox editor’s, “The IMF’s analysis of the Irish bailout”, Voxeu, 17 November The IMF, together with CEPR and the Central Bank of Ireland, put on a conference that drew lessons from Ireland’s bailout package titled “Ireland: Lessons from its Recovery from the Bank-Sovereign Loop”. This column summarises the contributions by Eichengreen, Fatás and Schoenmaker, as well as panel comments by Christine Lagarde, Benoît Coeuré, Michael Noonan, and Valdis Dombrovskis. Relevant Posts …Read More
Youth Unemployment and Active Labor Market Policies in Europe
Caliendo, Marco, Schmidl, Ricarda, (2015), “Youth Unemployment and Active Labor Market Policies in Europe”, IZA, November. Since the economic crisis in 2008, European youth unemployment rates have been persistently high at around 20% on average. The majority of European countries spends significant resources each year on active labor market programs (ALMP) with the aim of improving the integration prospects of struggling youths. Among the most common programs used are training courses, job search …Read More
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Economic Uncertainty and Structural Reforms
Bonfiglioli, Alessandra, Gancia, Gino A, (2015), “Economic Uncertainty and Structural Reforms”,Centre for Economic Policy Research, November. Does economic uncertainty promote the implementation of structural reforms? We answer this question using one of the most exhaustive cross-country panel data set on reforms in six major areas and measuring economic uncertainty with stock market volatility. To address endogeneity concerns, we propose various identification strategies, instrumenting uncertainty with world shocks to volatility and with natural disasters, …Read More
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Alternative measures of government indebtedness
Dias, Daniel A., Wright, Mark L. J., (2015), “Alternative measures of government indebtedness”,Voxeu, 13 November. Measured as a percentage of its GDP, Greece’s debt is higher than that of Portugal and Ireland. This column discusses a range of new techniques for measuring the debts of Greece, Ireland, and Portugal. It argues that plausible alternative measures of indebtedness suggest that Greece is anywhere from as much as 50% more indebted than Portugal and …Read More
The limitations of policy coordination in the euro area under the European Semester
Darvas, Zsolt, Leandro, Álvaro, (2015), “The limitations of policy coordination in the euro area under the European Semester”, Bruegel Publications, Issue 19, 12 November. This paper assesses economic policy coordination in the euro area under the European Semester. In sections 2 and 3, we make a positive (and not normative) assessment by taking Council recommendations made in the context of the European Semester as given and evaluating their implementation and consistency, without assessing …Read More
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Is globalisation reducing the ability of central banks to control inflation?
Claeys, Grégory, Wolff, Guntram B., (2015), “Is globalisation reducing the ability of central banks to control inflation?”, Bruegel Publlications, Issue 18, 12 November. After soaring in the 1970s and early 1980s, inflation has declined significantly in all advanced countries and is now at very low levels.This movement coincided with the acceleration of globalisation, triggering a recent debate on whether globalisation could be one of the main drivers of the disinflation process, and …Read More
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Charting public opinion on the future of the welfare state
Hüttl, Pia,Wolff, Guntram, (2015), “Charting public opinion on the future of the welfare state”, Bruegel Publications, 10 November. As part of the of the Vision Europe Summit, a survey was held between July and August 2015 to gauge public opinion on the welfare state after the crisis. The survey revealed citizens’ general confidence in the welfare state, as well as preferences regarding the welfare state’s future goals and financing. We discuss the …Read More
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