The Household Survey (European Central Bank 2013) is a joint project of the ECB and all the Eurozone central banks providing harmonised information on the balance sheets of 62,000 households in 15 Eurozone countries (all except Ireland and Estonia).1
Are Germans poorer than other Europeans? The principal Eurozone differences in wealth and income
Giovanni D'Alessio, Romina Gambacorta, Giuseppe Ilardi, 24 May 2013
Budget balance, structural unemployment and fiscal adjustments: The Spanish case
Javier Andrés, Rafael Doménech, 5 April 2013
One of the most important questions in the current process of fiscal consolidation in many developed economies concerns the size and the pace of the adjustment. An excessive and/or too-fast fiscal retrenchment can have dramatic effects on unemployment and growth, while if it is too slow, it can prove to be ineffective and lack credibility in the eyes of the financial markets.
Another look at Ricardian equivalence: The case of the European Union
Thomas Grennes, Andris Strazds, 28 February 2013
The so-called Ricardian equivalence suggests that a government will have the same effect on private spending whether it raises taxes or takes on additional debt to finance higher government spending. The logic behind it is that as the government gets more indebted, people would put aside more money in expectation of higher taxes in the future.
Winners of a European banking union
Dirk Schoenmaker, Arjen Siegmann, 27 February 2013
The aim of the prospective banking union is to foster financial stability in Europe. The euro sovereign debt crisis has shown that financial stability cannot be managed effectively at the national level, because of the diabolic loop between national governments and banks (Alter and Schüler 2012).
Export shares, price competitiveness and the ‘Spanish paradox’
Miguel Cardoso, Mónica Correa-López, Rafael Doménech, 24 November 2012
Since the launch of the euro, Spanish exporters have been successful in containing the loss of their export share in world markets. This is in contrast to several advanced economies that have experienced significant losses as a result of globalisation and the gain of exports shares by many emerging countries.
Can Spain learn from its ‘export starters’?
Aoife Hanley, Joaquín Monreal-Pérez, 5 November 2012
Spain’s problems of high unemployment and soaring sovereign debt are well known. What is less publicised is Spain’s poor export performance. The numbers tell the story; only 6% of Spain’s manufacturing exports are high-tech, compared with 15% in Germany and 25% in France1.
Protests, riots, rightists rage in Europe – but to no ill effect
Jacob Funk Kirkegaard, 8 October 2012
After a quiet few weeks, political pressures are rising again in Europe. Petrol bombs exploding in Athens and news reports of mounting support for the rightist Golden Dawn party bring into questions the durability of the summer stabilisation in the EZ.
It’s not what you know, but who you know: The role of connections in academic promotions
Manuel F. Bagues, Natalia Zinovyeva, 16 September 2012
European countries are increasingly concerned with the efficiency of their universities. An issue that has been discussed repeatedly is the lack of meritocracy in recruiting and hiring processes (Perotti 2002, Combes et al. 2008, Durante et al. 2011).
The limits of a purely intra-euro rebalancing strategy
Zsolt Darvas, 5 September 2012
The perceived failure of Greece, Portugal, and Spain to achieve sustainable external positions and economic growth inside the Eurozone is a major factor behind the current crisis. Their trade deficits should be turned to sizeable surpluses in which real exchange rate developments should play a role.
Sovereign debt sustainability in Spain and Italy
William R. Cline, 30 August 2012
After a brief easing in sovereign interest rates for Italy and Spain following nearly €1 trillion in LTRO (long-term refinancing operation) lending to Eurozone banks by the ECB at the turn of the year, in the second quarter of 2012 these rates rebounded.
- The case for 4% inflationBall
- The banking crisis as a giant carry trade gone wrongAcharya, Steffen
- Everything the IMF wanted to know about financial regulation and wasn’t afraid to askBair
- Rethinking macroeconomic policy: Getting granularBlanchard, Dell'Ariccia, Mauro
- Iceland’s post-Crisis economy: A myth or a miracle?Danielsson
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- 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
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
Baldwin, Kawai, Wignaraja, 11 June 2013
Giavazzi, Portes, Weder di Mauro, Wyplosz