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Increases in the retirement age and labour demand for youth

Boeri, Tito, Garibaldi, Pietro, Moen, Espen (2016), “Increases in the retirement age and labour demand for youth”, VoxEU, 8 September The Eurozone’s sustained rise in youth unemployment since 2008 threatens to create a ‘lost generation’. This column presents evidence that this is, in part, an unintended consequence of pension reforms in southern Europe that locked in older workers. In future, reforms that create flexible retirement ages alongside variable pension levels could …Read More

European banks under stress (tests): Which remain the most resilient?

De Groen, Willem Pieter, Gros, Daniel, (2016), “European banks under stress (tests): Which remain the most resilient?”, CEPS, 11 August The latest round of stress test conducted by the European Banking Authority  for 51 large banking groups showed huge differences in the degree to which a shock, or so-called adverse scenario, would impact different banks. We find that banks with a high exposure to sovereign risk and especially those with many non-performing loans …Read More

Key Findings from the ECRI Statistical Package 2016

Musmeci, Roberto, (2016), “Key Findings from the ECRI Statistical Package 2016”, CEPS, 18 August The ECRI Statistical Package 2016, Lending to Households and Non-Financial Corporations, offers an extensive and detailed overview of the credit market in the EU, providing data on the total lending extended by monetary financial institutions (MFIs) to domestic households and non-financial corporations (NFIs) in EU countries over the 1995-2015 period. The 2016 edition also provides data on …Read More

The long and winding road to fiscal adjustment: How the IMF judges austerity programmes

Hinterleitner, Markus, Sager, Fritz, Thomann, Eva, (2016), “The long and winding road to fiscal adjustment: How the IMF judges austerity programmes”, LSE Europpblog, 6 September IMF judgements on whether government austerity programmes can be successfully implemented are carefully followed by international financial markets. Markus Hinterleitner, Fritz Sager and Eva Thomann analyse the way the organisation has judged the credibility of austerity programmes in 14 European countries. They find that the IMF …Read More

Europe’s incompatible political trinities

Buti, Marco, Lacoue-Labarthe, Muriel, (2016), “Europe’s incompatible political trinities”, VoxEU, 7 September The Eurozone Crisis has taken a significant toll – both economic and political – on EU member states as well as the Union as a whole. This column identifies three elements that are key to a working solution for continued union: overcoming the intergovernmental method that has dominated EU decision‑making since the crisis, avoiding the seemingly easy route of …Read More

Structural reforms in difficult times: The priorities

Caldera , Aida, De Serres, Alain, Yashiro, Naomitsu, (2016), “Structural reforms in difficult times: The priorities”, VoxEU, 4 September Structural reforms can have adverse effects in the short run if implemented under weak macroeconomic conditions. This column argues that prioritising reform measures that bring short-term benefits even in a bad conjuncture, and packaging them to benefit from reform complementarities across product and labour markets, remains the most promising growth strategy, especially in …Read More

Eurozone Stagnation: Wrong Diagnosis, Wrong Medicine, No Recovery

Weeks, John, (2016), “Eurozone Stagnation: Wrong Diagnosis, Wrong Medicine, No Recovery”, Social Europe, 2 September If a doctor misdiagnoses a patient’s malady and prescribes an inappropriate medicine, we would not expect recovery to good health. Should the doctor persist in the faulty diagnosis and prescribe further doses of the wrong medicine, the wise patient seeks a second opinion. As evidenced by the experience of Greece last year, it is the …Read More

The true costs of helicopter money

Bossone, Biagio, (2016), “The true costs of helicopter money”, VoxEU, 5 September Some economists see helicopter money as a free lunch, because it can prompt growth without requiring higher debt financing. This column argues that if there are costs associated with the permanent injection of cash into the economy, they would diminish its effectiveness. Relevant Posts Heise, Michael, (2016), “The Unavoidable Costs of Helicopter Money”, Project Syndicate, 2 September Muellbauer, John, (2016), “Helicopter …Read More

We Need Forceful Policies to Avoid the Low-Growth Trap

Lagarde, Christine, (2016), “We Need Forceful Policies to Avoid the Low-Growth Trap”, iMFdirect, 1 September Low growth, high inequality, and slow progress on structural reforms are among the key issues that G20 leaders will discuss at their meeting in Hangzhou, China, this weekend. This meeting comes at an important moment for the global economy. The political pendulum threatens to swing against economic openness, and without forceful policy actions, the world could …Read More

The Unavoidable Costs of Helicopter Money

Heise, Michael, (2016), “The Unavoidable Costs of Helicopter Money”, Project Syndicate, 2 September The long-running debate about the advisability of so-called helicopter money has changed shape, as new ideas emerge about the form it could take – and questions arise about whether it is already being dropped on some economies. What hasn’t changed is that embracing helicopter money would be a very bad idea. According to the conventional view, helicopter money is …Read More