This site is for archive purposes. Please visit www.eliamep.gr for latest updates
Go to Top

Library

European identity and the economic crisis

Merler, Silvia, (2017), “European identity and the economic crisis”, Bruegel, 6 March Ferrera looks into what it means to be a European, and argues that integration proceeded so as to favour the emergence of a pan-European elite identity, while the inherited weight and inertia of national cultural frameworks prevented the emergence of a deeper sense of common citizenship across the EU. The ‘econo-cracy’ and austerity politics of the recent crisis years …Read More

Assessing the effects of regulatory bank levies

Buch, Claudia, Tonzer, Lena, Weigert, Benjamin ,(2017), “Assessing the effects of regulatory bank levies”, Vox Eu, 6 March Banking crises cause large costs to the economy (Reinhart and Rogoff 2011, 2013). Advanced economies are not immune to these costs. Here, the output losses due to financial crises have, on average, been one third of GDP (Laeven and Valencia 2013).1 Across emerging and advanced economies, unemployment increased on average by seven percentage …Read More

Rewriting the Monetary-Policy Script

Heise, Michael, (2017), “Rewriting the Monetary-Policy Script”, Project Syndicate, 2 March The rule of thumb for monetary policymakers has long been that if inflation is below official target ranges, short-term interest rates should be set at a level that spurs spending and investment. This approach has meant that once interest rates reach or approach zero, central banks have little choice but to activate large asset-purchase programs that are supposed to stimulate …Read More

Quo Vadis? Identity, policy and the future of the European Union

Beck, Thorsten, Underhill, Geoffrey , (2017),”Quo Vadis? Identity, policy and the future of the European Union”, Vox EU, 1 March The aim of this eBook is to focus on the post-crisis ‘socio-economic policy’ identity of the European Union in the post-crisis period. Relevant Posts CEPS Task Force, (2017), “Regroup and Reform: Ideas for a more responsive and effective European Union”, CEPS Series: Task Force Report, February Alonso Alonso, Lucas Juan …Read More

Rethinking GDP

Coyle, Diane, (2017), “Rethinking GDP”, IMF Finance & Decelopment 54(1), March Why does economic growth matter? The answer for economists is that it measures an important component of social progress—namely, economic welfare, or how much benefit members of society get from the way resources are used and allocated. A look at GDP per capita over the long haul tells the story of innovation and escape from the Malthusian trap of …Read More

Fundamental uncertainty and unconventional monetary policy: an info-gap approach

Ben-Haim, Yakov, Demertzis, Maria, van den End, Jan Willem, (2017), “Fundamental uncertainty and unconventional monetary policy: an info-gap approach”, Bruegel, 28 February This paper applies the info-gap approach to the unconventional monetary policy of the Eurosystem and so takes into account the fundamental uncertainty on inflation shocks and the transmission mechanism. The outcomes show that a more demanding monetary strategy, in terms of lower tolerance for output and inflation gaps, entails …Read More

Stubborn Germans: Stuck In Austerity/Stability

Hacker, Björn, Koch, Cédric, (2017), “Stubborn Germans: Stuck In Austerity/Stability”, Social Europe, 27 February Led by the current and previous federal government under Chancellor Angela Merkel and her CDU, the advocates of a stability union for the most part favour preservation of the status quo of the EMU architecture. The fundamental reasons for the Eurozone crisis are from this angle to be blamed on the failure of the crisis states …Read More

Whither Economic Growth?

Crafts, Nicholas, (2017), “Whither Economic Growth?”, IMF Finance & Development 54(1), March It seems like only yesterday that the so-called new economy was ascendant and growth expectations were buoyant. But today there is a widespread fear of a future of secular stagnation, in which very slow growth will be the new normal—especially in advanced economies. While it is clear that the turn-of-the-century optimism was not justified, it is also possible …Read More

GDP-linked bonds: A primer

Cecchetti, Stephen, Schoenholtzm Kim, (2017), “GDP-linked bonds: A primer “, VoxEu, 1 March Policymakers and economists have been looking for ways to make it easier to manage increasing debt burdens. This column assesses one possible solution: GDP-linked bonds that tie the size of debt payments to an economy’s wellbeing. There are clear benefits to a government from issuing GDP-linked bonds, but establishing investor confidence in these instruments will require a …Read More

Stubborn Germans: Stuck In Austerity/Stability

Hacker, Björn, Koch, Cédric , (2017), “Stubborn Germans: Stuck In Austerity/Stability”, Social Europe, 27 February Led by the current and previous federal government under Chancellor Angela Merkel and her CDU, the advocates of a stability union for the most part favour preservation of the status quo of the EMU architecture. The fundamental reasons for the Eurozone crisis are from this angle to be blamed on the failure of the crisis states …Read More