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Incomplete information and bargaining in the EU: An explanation of first-reading non-agreements

29 December, 2014
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Vibeke Wøien Hansen (2014) “Incomplete information and bargaining in the EU: An explanation of first-reading non-agreements“, European Union Politics Journal, December.   According to the logic of standard veto bargaining models with complete information, bargaining in the European Union should never reach the second reading of the ordinary legislative procedure (co-decision). Even so, non-agreement at the first reading occurs frequently in European Union decision making. How can this be explained? …Read More

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Central-bank credibility, reputation and inflation targeting in historical perspective

12 December, 2014
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Bordo, M. & Siklos, P. (2014) “Central-bank credibility, reputation and inflation targeting in historical perspective“, VoxEU Organisation, 12 December.   Central bank credibility is critically linked to communication and commitment. This column analyses the historical evolution of credibility, showing its prewar peak and the subsequent dip from which it did not fully recover until the 1980s. Inflation targeting has played a key role in establishing credibility in both developed and …Read More

Library » EU » Economy » Politics » Scientific Articles

Putting an accurate price tag on government credit support

5 December, 2014
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Lucas, D. (2014) “Putting an accurate price tag on government credit support“, VoxEU Organisation, 05 December.   Governments run the world’s largest financial institutions. The size of government activities has grown in recent decades but comprehensive estimates are unavailable. This column presents new evidence on the costs of government credit support. It argues that governments tend to understate credit costs and the consequences of that could be considerable. Cost underreporting …Read More

Library » EU » Economy » Politics » Scientific Articles

Infrastructure in the EU: Developments and Impact on Growth

4 December, 2014
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Brons, Μ., Kalantzis, F., Maincent, E. & Arnoldus, P. (2014) “Infrastructure in the EU: Developments and Impact on Growth“, European Economy – Occasional Papers–No. 203, European Commission Publications, December 2014: Brussels.   Today, investment needs are high in areas such as research, innovation and ICT which are important drivers of growth and competitiveness. However, there are also arguments to suggest that Europe should invest in energy and transport infrastructure. Energy …Read More

Library » EU » Politics » Scientific Articles

Structural reforms at the zero bound

4 December, 2014
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Vogel, L. (2014) “Structural reforms at the zero bound“, European Economy – Economic Papers. Νο. 537, European Commission Publications, November 2014: Brussels.   This paper uses the European Commission’s QUEST macroeconomic model to analyse the impact of structural reforms on economic activity in an environment in which the zero bound on monetary policy rates is temporarily binding. The simulations suggest that although such reforms can have a negative impact on …Read More

Library » EU » Economy » Politics » Scientific Articles

Addressing long-term unemployment in the aftermath of the Great Recession

3 December, 2014
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Katz, F. L., Kroft, K., Lange, F. & Notowidigdo, M. (2014) “Addressing long-term unemployment in the aftermath of the Great Recession“, VoxEU Organisation, 03 December.   In the aftermath of the Great Recession, there remains a large number of long-term unemployed across countries. This column argues that policies targeting the long-term unemployed, if effective, may have substantial benefits for the aggregate labour markets. However, evidence of the effectiveness of active …Read More

Library » EU » Politics » Scientific Articles

Overlapping Political Budget Cycles in the Legislative and the Executive

1 December, 2014
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Foremny, D. Freier, R., Moessinger, Μ. D. & Yeter, Μ. (2014) “Overlapping Political Budget Cycles in the Legislative and the Executive“, Discussion Paper No. 14-099, Centre for European Economic Research, December.   Abstract We advance the literature on political budget cycles by testing separately for cycles in expenditures for elections in the legislative and the executive. Using municipal data, we can separately identify these cycles and account for general year …Read More

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Benchmarking the European Central Bank’s asset quality review and stress test: A tale of two leverage ratios

21 November, 2014
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Acharya, V. & Steffen, S. (2014) “Benchmarking the European Central Bank’s asset quality review and stress test: A tale of two leverage ratios“, VoxEU Organisation, 21 November.   The ECB estimated that Eurozone banks would face a capital shortfall of €25 billion in a severe crisis. Earlier work by the authors estimated the shortfall to be 30 times higher. This column argues that this striking divergence can be explained by …Read More

Library » EU » Economy » Politics » Scientific Articles

The case of the disappearing Fiscal Compact

12 November, 2014
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Gros, D. & Alcidi, C. (2014) “The case of the disappearing Fiscal Compact“, Economic Policy – Centre for European Policy Studies (EPC) Commentary, 05 November.   Following the Commission’s autumn forecast showing that only five euro-area countries exhibit a fiscal balance better than the 0.5% of GDP deficit allowed by the Fiscal Compact, Daniel Gros and Cinzia Alcidi attempt to explain in this new Commentary why there is precious little …Read More

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An Unemployment Insurance Scheme for the Euro Area? A Comparison of Different Alternatives using Micro Data

7 November, 2014
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Dolls, M., Fuest, C., Neumann, D. & Peichl, A. (2014) “An Unemployment Insurance Scheme for the Euro Area? A Comparison of Different Alternatives using Micro Data“, Centre for European Economic Research (ZEW), Discussion Paper No. 14-095, 28 October.   Abstract: We analyze different alternatives how a common unemployment insurance system for the euro area (EA) could be designed and assess their effectiveness to act as an insurance device in the …Read More

Library » EU » Politics » Scientific Articles