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Eurozone interbank lending market during the Global and EZ crises

2 April, 2015
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Abbassi, P., Bräuning, F., Fecht, F. & Peydró, J. S. (2015) “Eurozone interbank lending market during the Global and EZ crises“, VoxEU Organisation, 02 April.   The Global Crisis and subsequent sovereign debt crisis in the Eurozone severely distressed wholesale funding markets. This column argues that in the Eurozone, interbank funding conditions tightened particularly for cross-border borrowing. Moreover, during the worst moments of the crisis, the same borrower bank could …Read More

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ECB should start funding government infrastructure and cash handouts

30 March, 2015
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Mitchell, B. (2015) “ECB should start funding government infrastructure and cash handouts“, Bill Mitchell Blog, 30 March.   I was a signatory to a letter published in the Financial Times on Thursday (March 26, 2015) – Better ways to boost eurozone economy and employment – which called for a major fiscal stimulus from the European Central Bank (given it is the only body in the Eurozone that can introduce such …Read More

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Microeconomic origins of macroeconomic tail risks

27 March, 2015
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Acemoglu, D., Ozdaglar, A. & Tahbaz-Salehi, A. (2015) “Microeconomic origins of macroeconomic tail risks, VoxEU Organisation, 27 March.   Understanding large economic downturns is one of macroeconomics’ central goals. This column argues that imbalances in input-output linkages can interact with firm-level shocks to produce output fluctuations that are much larger than the underlying shocks. The result can be large cycles arising from small, firm-level shocks. It is thus important to …Read More

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Eurozone unemployment – little to do with international competitiveness

23 March, 2015
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Mitchell, B. (2015) “Eurozone unemployment – little to do with international competitiveness“, Bill Mitchell Blog, 21 March.   The so-called ‘Informal European Council’ released a document on February 12, 2015 – Preparing for Next Steps on Better Economic Governance in the Euro Area: Analytical Note – which has been used as a background paper to batter the Greeks into submission in the latest round of the Eurozone crisis. It was …Read More

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The Juncker Plan – the vehicle for revived European ambition?

20 March, 2015
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Marty, O. (2015) “The Juncker Plan – the vehicle for revived European ambition?“, Fondation Robert Schuman – The Research and Studies Centre on Europe, European Issues – European Issue No. 347, 09 March 2015.   The proposed regulation on the creation of the European Fund for Strategic Investments (EFSI) was presented by the European Commission on 13th January 2015. The trilogue is going on until the end of the Latvian …Read More

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Labour and finance in the aftermath of the Great Recession

19 March, 2015
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Boeri, T., Garibaldi, P. & Moen, R. E. (2015) “Labour and finance in the aftermath of the Great Recession“, VoxEU Organisation, 19 March.   The Great Recession sparked the interest in the link between financial conditions and employment. This column describes results from a new model of labour and finance, incorporating financial imperfections and borrowing constraints. The results uncover a complementarity between firms holding cash and labour market imperfections. Firms …Read More

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Precarious and less well-paid? Wage differences between permanent and fixed-term contracts across the EU countries

19 March, 2015
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Dias da Silva . Α. & Turrini, Α. (2015) “Precarious and less well-paid? Wage differences between permanent and fixed-term contracts across the EU countries“, European Commission: European Economy – Economic Papers, No. 544, Brussels: February.   This paper analyses the main features of the wage differences between permanent and fixed-term workers and what sources are driving these differences, including the role of labour market institutions. We analyse wage differences between …Read More

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Estimating the impact of robots on productivity and employment

18 March, 2015
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Michaels, G. & Graetz, G. (2015) “Estimating the impact of robots on productivity and employment“, VoxEU Organisation, 18 March.   Robots may be dangerous not only to the action heroes of cinema, but also to the average manufacturing worker. This column analyses the effect robots have had in 14 industries across 17 developed countries from 1993 to 2007. Industrial robots increase labour productivity, total factor productivity, and wages. While they …Read More

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A framework for banking structural reform

17 March, 2015
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Vives, X. (2015) “A framework for banking structural reform, VoxEU Organisation, 17 March.   The 2007–08 crisis revealed regulatory failures that had allowed the shadow banking system and systemic risk to grow unchecked. This column evaluates recent proposals to reform the banking industry. Although appropriate pricing of risk should make activity restrictions redundant, there may nevertheless be complementarities between these two approaches. Ring-fencing may make banking groups more easily resolvable …Read More

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Eurozone rebalancing: Are we on the right track for growth? Insights from the CompNet micro-based data

17 March, 2015
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Bartelsman, E., di Mauro, F. & Dorrucci, E. (2015) “Eurozone rebalancing: Are we on the right track for growth? Insights from the CompNet micro-based data“, VoxEU Organisation, 17 March.   The shallow growth response to Eurozone rebalancing policies could point towards structural impediments. To uncover such impediments and design effective structural reforms, it is necessary to focus on the path from micro behaviour to macro outcomes. This column argues that …Read More

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