How Inequality Kills

8 December, 2015

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Stiglitz, Joseph, (2015), “How Inequality Kills”, Social Europe Journal, 8 December This week, Angus Deaton will receive the Nobel Memorial Prize in Economics “for his analysis of consumption, poverty, and welfare.” Deservedly so. Indeed, soon after the award was announced in October, Deaton published some startling work with Ann Case in the Proceedings of the National Academy of Sciences – research that is at least as newsworthy as the Nobel ceremony. Relevant Posts Alfani, Guido, Ryckbosch, Wouter, (2015), “Income inequality …Read More

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The aftermath of the Greek Elections: Who voted for who?

8 December, 2015

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Bougioukos, Vasileios, Casey, Bernard, (2015), “The aftermath of the Greek Elections: Who voted for who?”, Lse blog, 7 December Of course, the main story, apart from the fact that Syriza won, was that more people than ever before didn’t vote at all. Abstention reached a record level of 44 per cent.Nonetheless, and especially in the light of the HO seminar of 24 November where who voted for Golden Dawn (GD) and why was …Read More

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The Nordic Labor Market and Migration

7 December, 2015

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Ho, Giang, Shirono, Kazuko, (2015), “The Nordic Labor Market and Migration”, IMF papers, 4 December The large influx of migrants to Nordic countries in recent years is challenging the adoptability of Nordic labor market institutions while also adding to potential growth. This paper examines the trends, economic drivers, and labor market implications of migration to Nordic countries with a particular focus on economic migration as distinct from the recent large flows of …Read More

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The puzzle of technical dis-employment and productivity slowdown

7 December, 2015

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Cohen-Setton, Jeremie, (2015), “The puzzle of technical dis-employment and productivity slowdown”, Bruegel, 7 December What’s at stake: Larry Summers made an important speech a few weeks ago at a Peterson Institute conference on the productivity slowdown arguing it is hard to see how recent technical change could both be a major source of dis-employment and not be associated with productivity improvement. Relevant Posts Caliendo, Marco, Schmidl, Ricarda, (2015), “Youth Unemployment and Active …Read More

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We are shrinking! The neglected drop in Gross Planet Product

7 December, 2015

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A.G. van Bergeijk, Peter, (2015), “We are shrinking! The neglected drop in Gross Planet Product”, Voxeu, 7 December The analysis and forecasts of the IMF are well covered in the press. This column deals with a less noted development in the data provided by the IMF, namely the nominal decrease in Gross Planet Product. Since the IMF forecast both positive growth and positive inflation, the nominal shrinkage of GPP puts into …Read More

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Completing the Banking Union: Deposit Insurance

4 December, 2015

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Gros, Daniel, (2015), “Completing the Banking Union: Deposit Insurance”, Ceps publications, 3 December. It is generally agreed that a Banking Union should have common or ‘single’ institutions responsible for carrying out three basic functions: supervision, resolution and deposit insurance. So far, however, agreement has been reached in the EU on only the first two of these functions. The Commission has now presented its proposal on how to complete the Banking Union with a …Read More

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Sovereign Debt Restructurings: Preemptive or Post-Default

4 December, 2015

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Asonuma, Tamon, Trebesch, Christoph, (2015), “Sovereign Debt Restructurings: Preemptive or Post-Default”, Centre for Economic Policy Research, November. Sovereign debt restructurings can be implemented preemptively – prior to a payment default. We code a comprehensive new dataset and find that preemptive restructurings (i) are frequent (38% of all deals 1978-2010), (ii) have lower haircuts, (iii) are quicker to negotiate, and (iv) see lower output losses. To rationalize these stylized facts, we build a …Read More

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What caused the eurozone crisis?

4 December, 2015

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Gros, Daniel, Baldwin, Richard, (2015), “What caused the eurozone crisis?”, Ceps publications, 27 November After five years of crisis there are now signs that the eurozone economy is recovering, but it is far from being back to normal. The authors of this CEPS Commentary sound a note of caution: although progress has been made with the banking union and new institutions like the European Stability Mechanism (ESM), more needs to …Read More

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Old Wine In New Bottles: The Economic Priorities Of The European Commission In 2016

4 December, 2015

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Schuster, Joachim, (2015), “Old Wine In New Bottles: The Economic Priorities Of The European Commission In 2016”, Social Europe Journal, 4 December A new annual cycle of EU economic policy coordination – aka the European Semester – has begun with the European Commission’s (EC) latest Annual Growth Survey (AGS). The AGS sets out the EC’s views on the EU’s social and economic priorities and provides the building blocks for the …Read More

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Does the CAMEL bank ratings system follow a procyclical pattern?

3 December, 2015

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Papanikolaou, Nikolaos I., Wolff, Christian C, (2015), “Does the CAMEL bank ratings system follow a procyclical pattern?”, Centre for Economic Policy Research, November. The financial crisis which erupted in 2007-8 has illustrated the disruptive effects of procyclicality. The phenomenon of procyclicality refers to the mutually reinforcing interactions between the financial system and the real economy that tend to amplify business cycle fluctuations. These fluctuations can cause or exacerbate turbulences in the financial system …Read More

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