Tridico, P., (2013), “The impact of the economic crisis on EU labour markets: A comparative perspective”, International Labour Review, Vol. 152, N.2, pp. 175-190. Using a “crisis management index” to rank the combined GDP and labour market performances of the EU’s 27 Member States, the author considers why some countries performed better than others in managing the economic crisis over the period 2007–11. Based on empirical correlations and regression analysis, …Read More
Heterogeneous transmission mechanism: monetary policy and financial fragility in the Eurozone
Ciccarelli, M., Maddaloni, Ang., Peydró, J-L., (2013), “Heterogeneous transmission mechanism: monetary policy and financial fragility in the Eurozone”, Economic Policy, Vol. 28, Issue 75, pp. 459-512. The eurozone economic activity and banking sector have shown substantial fragility over the last years with remarkable country heterogeneity. Using detailed data on lending conditions and standards, we analyse – along several key dimensions of heterogeneity – how financial fragility has affected the transmission …Read More
Political Credit Cycles: The Case of the Eurozone
Fernández-Villaverde, J., Garicano, L., Santos, T., (2013) “Political Credit Cycles: The Case of the Eurozone”, Journal of Economic Perspectives, Vol. 27, N3, pp. 145-66. We study the mechanisms through which the entry into the euro delayed, rather than advanced, key economic reforms in the eurozone periphery and led to the deterioration of important institutions in these countries. We show that the abandonment of the reform process and the institutional deterioration, …Read More
The Greek debt restructuring: an autopsy
Zettelmeyer, J., Trebesch, Chr., Gulati, M., “The Greek debt restructuring: an autopsy”, Vol., 28, Issue 75, pages 513–563. The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief – over 50% of 2012 GDP – with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash incentives, and official sector pressure on key creditors. But it did so …Read More
Fiscal union in Europe? Redistributive and stabilizing effects of a European tax-benefit system and fiscal equalization mechanism
Bargain, Ol., Dolls, M., Fuest, Cl., Neumann, D., Peichl, Andr., Pestel, N., Siegloch, S., (2013), “Fiscal union in Europe? Redistributive and stabilizing effects of a European tax-benefit system and fiscal equalization mechanism”, Economic Policy, Vol. 28, Issue 75, pp. 375–422. The current debt crisis has given rise to a debate concerning deeper fiscal integration in Europe. The view is widespread that moving towards a ‘fiscal union’ would have stabilizing effects …Read More
The Single Market as an Engine for Employment through External Trade
Rueda-Cantuche, J. M., Sousa, N., Andreoni, V., Arto, I. (2013), “The Single Market as an Engine for Employment through External Trade”, Journal of Common Market Studies, Vol. 51, Issue 5, pp: 931–947. This article quantifies for the first time the European employment effects of extra-EU exports and the correct number of jobs generated through the intra-EU trade (single market) associated with the production of such exports. The literature has neglected …Read More
The political economy of corporate tax harmonization — Why do European politicians (dis)like minimum tax rates?
Osterloh, St., Heinemann, Fr., (2013), “The political economy of corporate tax harmonization — Why do European politicians (dis)like minimum tax rates?”, European Journal of Political Economy, Volume 29, pp. 18–37. Setting minimum tax rates is a well discussed way of mitigating pressure from tax competition. This paper investigates which motives shape the support for a minimum corporate tax among politicians. We make use of a unique data base: a survey …Read More
Central bank communication on fiscal policy
Allard, J., Catenaro, M., Vidal, J.-P., Wolswijk, G., (2013), “Central bank communication on fiscal policy”, European Journal of Political Economy, Volume 30, pp. 1–14. The issue of central bank communication on fiscal policy has so far received very little attention in the literature. This article aims to shed light on the determinants of central bank communication on fiscal policy by analysing the intensity of central banks’ fiscal communication for five …Read More
The popular legitimacy of European healthcare systems: A multilevel analysis of 24 countries
Missinne, Sarah, Meuleman, Bart, Bracke, Piet, (2013), “The popular legitimacy of European healthcare systems: A multilevel analysis of 24 countries”, Journal of European Social Policy, Vol. 23, Issue 3, July 2013, p.p, 231-247 This paper provides an empirical study of the between-individual and between-country differences in the popular legitimacy of European healthcare systems. In order to explain two dimensions of popular legitimacy (satisfaction and support for state responsibility), we assess …Read More
The Distributional Effects of Fiscal Consolidation
Ball, L., Furceri, D., Leigh, D., & Loungani, Pr., (2013), “The Distributional Effects of Fiscal Consolidation”, IMF Working Paper, N.,13/151. This paper examines the distributional effects of fiscal consolidation. Using episodes of fiscal consolidation for a sample of 17 OECD countries over the period 1978–2009, we find that fiscal consolidation has typically had significant distributional effects by raising inequality, decreasing wage income shares and increasing long-term unemployment. The evidence also suggests …Read More