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What’s New About Today’s Low Interest Rates?

Reinhart, Carmen, (2016), “What’s New About Today’s Low Interest Rates?”, Project Syndicate, 28 July A day seldom passes without articles appearing in the financial press pondering why interest rates have remained so low for so long. This is one of those articles. So let’s start by clarifying whose and which interest rates are low and what is and isn’t novel or unprecedented. Interest rates in emerging and developing countries are importantly affected …Read More

On the Distribution of the Welfare Losses of Large Recessions

Krueger, Dirk, Mitman, Kurt, Perri, Fabrizio, (2016), “On the Distribution of the Welfare Losses of Large Recessions”, Centre for Economic Policy Research, July How big are the welfare losses from severe economic downturns, such as the U.S. Great Recession? How are those losses distributed across the population? In this paper we answer these questions using a canonical business cycle model featuring household income and wealth heterogeneity that matches micro data from …Read More

Governance of the European Monetary Union: Recasting Political, Fiscal and Financial Integration

Jones, Erik, Torres, Francisco, (2016), “Governance of the European Monetary Union: Recasting Political, Fiscal and Financial Integration”, Routledge, 7 June The crisis in the euro area is a defining moment in the history of European integration. It has revealed major flaws in the architecture of the European Union; it has challenged European institutions to shape an appropriate response; and it has tested the patience of a European public that is eager to …Read More

Automatic stabilisers for the euro area: what is on the table?

Spath, Nathalie Julia, (2016), “Automatic stabilisers for the euro area: what is on the table?”, Jacques Delors Institute, 30 June This Policy paper contributes to the debate on how to equip the euro area with a mechanism for asymmetric shocks absorption. It responds to the challenge of automatic stabilization and adds to potential solutions by analysing the promises and problems of automatic stabilization mechanisms for the euro area. The Policy paper …Read More

Understanding the Circular Economy in Europe, from Resource Efficiency to Sharing Platforms: The CEPS Framework

Taranic, Igor, Behrens, Arno, Topi, Corrado, (2016), “Understanding the Circular Economy in Europe, from Resource Efficiency to Sharing Platforms: The CEPS Framework”, CEPS, Special Report No. 14, July This paper aims to rethink the concept of the ‘circular economy’ through the prism of its relevance to its many stakeholders, ranging from public and private actors and mature and emerging industries to cities and regions, SMEs and multi-sectoral corporations. The paper presents …Read More

The Sovereign Debt Crisis, the EU and Welfare State Reform

De La Porte, Caroline, Heins, Elke, (2016), “The Sovereign Debt Crisis, the EU and Welfare State Reform”, Palgrave Macmillan UK This book offers a much-needed analysis of how the European Union (EU) has affected welfare state reforms in the Member States most severely hit by the 2008 economic crisis. Bringing together leading European social policy researchers, it shows that the EU’s responses to the sovereign debt crisis have changed the nature of EU …Read More

Understanding the Sources of Macroeconomic Uncertainty

Rossi, Barbara, Sekhposyan, Tatevik, Soupre, Mattheiu, (2016), “Understanding the Sources of Macroeconomic Uncertainty”, Center for Economic Policy Research, July We propose a decomposition to distinguish between Knightian uncertainty (ambiguity) and risk, where the first measures the uncertainty about the probability distribution generating the data, while the second measures uncertainty about the odds of the outcomes when the probability distribution is known. We use the Survey of Professional Forecasters (SPF) density forecasts …Read More

Growth in a Time of Disruption

Spence, Michael, (2016), “Growth in a Time of Disruption”, Project Syndicate, 27 July Developing countries are facing major obstacles – many of which they have little to no control over – to achieving sustained high growth. Beyond the headwinds generated by slow advanced-economy growth and abnormal post-crisis monetary and financial conditions, there are the disruptive impacts of digital technology, which are set to erode developing economies’ comparative advantage in labor-intensive manufacturing …Read More

An Economic Take on the Refugee Crisis

European Commission, (2016), “An Economic Take on the Refugee Crisis”, European Commission, Institutional Paper 033, July Europe is facing an unprecedented surge in the number of asylum seekers and refugees. These flows have put considerable strain on public authorities in several Member States. From a purely macroeconomic point of view, the impact appears moderate, stemming in the short term from increased public spending and, over time, a slight rise in labour …Read More

How income inequality affects euro area current account imbalances

Marzinotto, Benedicta, (2016), “How income inequality affects euro area current account imbalances”, LSE Europpblog, 27 July Since the late 2000s financial crisis, a great deal of attention has been focused on the issue of how inequality affects the lives of citizens. But can inequality also explain some of the macroeconomic trends present in European countries? Benedicta Marzinotto writes on the link between inequality and current account imbalances in the Eurozone. Using …Read More