Short-time work means that the government subsidises the reduction of the working time of an employee to prevent firing. Many countries allow a firm to use this instrument when the demand for its products is lower than its production potential. Since more firms face a shortfall of demand in recessions, there is a rule-based component of short-time work.
Short-time work: Does it save jobs?
Almut Balleer, Britta Gehrke, Wolfgang Lechthaler, Christian Merkl, 12 July 2013
The impact on the financial sector of long-term low nominal interest rates
Viral Acharya, Richard Portes, Richard Reid, 3 July 2013
The Centre for Economic Policy Research (CEPR) recently organised a conference at the Brewers’ Hall, London, on 10 June 2013 titled ‘A long-term environment of low nominal interest rates: what are the consequences for the financial sector’?
Redistribution policies at the root of the Eurozone Crisis
Giuseppe Bertola, 28 June 2013
Not only the founding fathers of the EU, but also financial market participants appear to have believed that participation in common markets and adoption of common institutions should lead to cultural and economic convergence.
Financial imbalances and cycles: Do they matter for the general public?
Livio Stracca, 25 June 2013
Boom and busts in asset prices and credit and, more generally, ‘financial imbalances’ have been the subject of a lot of public attention in the wake of the global financial crisis and the Eurozone crisis.
Spillovers: Why macro-fiscal policy should be coordinated in economic unions
Gerald A. Carlino, Robert P Inman, 24 June 2013
The recent Great Recession in the US and Europe has generated renewed interest in the management of macro-stabilisation fiscal policy in economic unions. The received wisdom among economists is that such fiscal policies can only be managed efficiently by an overarching central government. Oates, in his classic treatise on fiscal federalism, concludes:
The roots of the Italian stagnation
Paolo Manasse, 19 June 2013
Italy is currently facing its worst recession in recent history, having lost about 8.5% of GDP between 2007 and 2013. The current situation is, to a large extent, the result of the Eurozone crisis and of the tough fiscal-austerity measures introduced across Europe, and particularly in Italy.
The wisdom of Karlsruhe: The OMT Court case should be dismissed
Francesco Giavazzi, Richard Portes, Beatrice Weder di Mauro, Charles Wyplosz, 12 June 2013
This week the German Constitutional Court in Karlsruhe is considering a case in which the plaintiffs oppose the Outright Monetary Transactions (OMT) programme announced last September by the ECB. The court will consider whether the ECB overstepped its mandate and thus imposed undue risks on German taxpayers.
Exit strategies: Time to think ahead
Charles Wyplosz, 14 October 2013
Regional transfers in Europe: Do we need fewer of them or different ones?
Sascha O Becker, Peter Egger, Maximilian von Ehrlich, 6 June 2013
The EU encourages regional cohesion through transfers for structural changes and development. This column presents new research suggesting that some poorer countries don't benefit as well as we might expect. This is likely to be because of worse technological and institutional absorptive capacity.
The urgent need to recapitalise Europe’s banks
Harald Benink, Harry Huizinga, 5 June 2013
Unlike the US, Europe failed to recapitalise its biggest banks following the financial crisis of 2007-09. Instead, policymakers gambled that economic recovery would lift the profitability of financial institutions, enabling them to increase their capital buffers over time. It is now clear that this strategy has failed.
- Predicting economic turning pointsAhir, Loungani
- How rich nations benefit from EU membershipCampos, Coricelli, Moretti
- The chartbook of economic inequalityAtkinson, Morelli
- Taxing, spending, and inequalityClements, Coady, de Mooij, Gupta
- How poorer nations benefit from EU membershipCampos, Coricelli, Moretti
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- The ECB’s stealth bailoutSinn
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Claessens, 18 April 2014
Campos, Coricelli, Moretti
Ostry, Berg, Tsangarides
CEPR Policy Research
- The buyer margins of firms' exportsCarballo, Ottaviano, Volpe
- Commodity and Equity Markets: Some Stylized Facts from a Copula ApproachDelatte, Lopez
- Ethnic Unemployment Rates and Frictional MarketsGobillon, Rupert, Wasmer
- Finance and Poverty: Evidence from IndiaAyyagari, Beck, Hoseini
- The Manipulation of Basel Risk-WeightsMariathasan, Merrouche
- Making city lights shine brighterYusuf, Leipziger
- The euro in the 'currency war'Bénassy-Quéré, Martin
- The roots of shadow bankingPerotti
- What’s wrong with Europe?Baldini, Manasse
- How the EZ crisis is permanently changing EU institutionsMicossi