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Three essays in labour economics

Gama Nogueira, André, (2016), “Three essays in labour economics”, Florence : European University Institute, 2016 This thesis investigates labour market policies and the way they interact with labour market frictions. The first chapter of this thesis is dedicated to the introduction of a new method to measure skills mismatch in the labour market. By introducing a new index that uses employment distribution across sectors to measure labour demand and education distribution …Read More

Fiscal austerity, unemployment and family firms

Munkacsi Zsuzsa, (2016), “Fiscal austerity, unemployment and family firms”, Deutsche Bundesbank Discussion Paper; 2015/06 I calculate unemployment multipliers of fiscal consolidation policies in a standard, closed-economy New Keynesian framework with search and matching frictions, and, as an innovation, in the presence of sectoral heterogeneity. Family and non-family firms behave differently in the labor market and are differently managed. This latter assumption is modeled by the inclusion of intangible capital in the …Read More

Fiscal Consolidation in Ireland: Recent Successes and Remaining Challenges

Larch, Martin ,Malzubris, Janis, Santacroce,Stefano,(2016),”Fiscal Consolidation in Ireland: Recent Successes and Remaining Challenges”, Directorate-General for Economic and Financial Affairs/ European Economy Economic Brief 011, May Ireland very successfully shouldered an impressive amount of fiscal consolidation under its 2011-2013 EU-IMF financial assistance programme. After peaking at around 12% of GDP in 2009 (excluding deficit-increasing financial sector measures), the general government deficit is expected to have fallen below 2% of GDP in 2015. As …Read More

Promoting sustainable public finances in the European Union: The role of fiscal rules and government efficiency

U. Michael Bergman, Michael M. Hutchison, Svend E. Hougaard Jensen, (2016), “Promoting sustainable public finances in the European Union: The role of fiscal rules and government efficiency”, European Journal of Political Economy, 3 May New indices of fiscal rule strength are constructed and, using a dynamic panel econometric model for 27 EU countries over the period 1990–2012, we assess whether national fiscal rules alone help to promote sustainable public finances in the EU …Read More

Assessing the Juncker Plan after one year

Claeys, Gregory, Leandro,Alvaro, (2016), “Assessing the Juncker Plan after one year”, Bruegel, 17 May With the Juncker Plan, the European Commission intends to support valuable risky projects by expanding the risk capacity of the EIB. But has the new European Fund for Strategic Investments really been used to finance ‘additional’ projects? Since the plan got underway, €11.2 billion worth of projects have been approved, initially by the EIB under the control of …Read More

Wage-led growth in the EU15 member-states: the effects of income distribution on growth, investment, trade balance and inflation

Ozlem Onaran, Thomas Obst, (2016), “Wage-led growth in the EU15 member-states: the effects of income distribution on growth, investment, trade balance and inflation”, Camb. J. Econ. 2016 This paper estimates a multi-country demand-led growth model for the EU15. A decrease in the share of wages in national income in isolation leads to lower growth in Finland, France, Germany, Greece, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden and the United Kingdom, …Read More

Government monetary and fiscal operations: generalising the endogenous money approach

Tymoigne, Eric, (2016), “Government monetary and fiscal operations: generalising the endogenous money approach”, Cambidge Journal of Economics, May The traditional endogenous money approach can be generalised substantially by including the insights of Modern Money Theory regarding the necessary coordination of fiscal and monetary policies. A monetarily sovereign government is composed of two entities involved in the issuance and redemption of government monetary instruments. As such, one should include the role …Read More

The Way Back for Monetary Policy

Jong-Wha, Lee, (2016), “The Way Back for Monetary Policy”, Project Syndicate, 17 May The central banks of major advanced economies have been navigating uncharted territory in recent years. While their use of a range of unconventional monetary-policy tools has had benefits, it has also generated significant uncertainty, without fully stabilizing the world economy. Now the time has come to head back toward more familiar policy terrain. Following the 2008 financial …Read More

The Euro: A Political Failure and an Economic Disaster

Jespersen, Jesper, (2016), “The Euro: A Political Failure and an Economic Disaster”, International Journal of Political Economy, 29 April Alain Parguez is right when he claims that the “euro” is a political failure and an economic disaster, in which French politicians and economists seem to have played a significant role. France’s elite envisaged being a dominant political power on the Continent after the two military defeats of Germany in 1918 and 1945. …Read More

Strategic fiscal policies and leadership in a monetary union

Chortareas, Georgios, Mavrodimitrakis, Christos, (2016), “Strategic fiscal policies and leadership in a monetary union”, European Journal of Political Economy, 30 Αpril We consider the strategic interactions between fiscal and monetary policies in a monetary union when a fiscal authority enjoys a strategic advantage. In particular we depart from the standard literature on strategic interactions in monetary unions in that we solve a three-stage game, where the two national fiscal authorities do not play simultaneously. …Read More