Short-time work: Does it save jobs?

Almut Balleer, Britta Gehrke, Wolfgang Lechthaler, Christian Merkl, 12 July 2013

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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.

Topics: Europe's nations and regions, Labour markets
Tags: Eurozone crisis, Germany, jobs, short-time work

The impact on the financial sector of long-term low nominal interest rates

Viral Acharya, Richard Portes, Richard Reid, 3 July 2013

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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’?

Topics: Monetary policy
Tags: Eurozone crisis, liquidity trap, quantitative easing, Vox Views, zero lower bound

Redistribution policies at the root of the Eurozone Crisis

Giuseppe Bertola, 28 June 2013

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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.

Topics: Europe's nations and regions
Tags: Eurozone crisis

Financial imbalances and cycles: Do they matter for the general public?

Livio Stracca, 25 June 2013

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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.

Topics: Global crisis, International finance
Tags: Eurozone crisis

Spillovers: Why macro-fiscal policy should be coordinated in economic unions

Gerald A. Carlino, Robert P Inman, 24 June 2013

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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:

Topics: Europe's nations and regions, Macroeconomic policy
Tags: Eurozone crisis, fiscal policy

The roots of the Italian stagnation

Paolo Manasse, 19 June 2013

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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.

Topics: Europe's nations and regions
Tags: competitiveness, Eurozone crisis, 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

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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.

Topics: Europe's nations and regions
Tags: Eurozone crisis, OMT, Outright Monetary Transactions

Exit strategies: Time to think ahead

Charles Wyplosz, 14 October 2013

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Update

Topics: Monetary policy
Tags: Eurozone crisis, liquidity trap, quantitative easing, Vox Views, zero lower bound

Regional transfers in Europe: Do we need fewer of them or different ones?

Sascha O Becker, Peter Egger, Maximilian von Ehrlich, 6 June 2013

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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.

Topics: Europe's nations and regions
Tags: Eurozone crisis, regional transfers

The urgent need to recapitalise Europe’s banks

Harald Benink, Harry Huizinga, 5 June 2013

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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.

Topics: Europe's nations and regions
Tags: Eurozone crisis

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