Gross trade accounting: A transparent method to discover global value chain-related information behind official trade data: Part 2
Zhi Wang, Shang-Jin Wei, Kunfu Zhu, 16 April 2014
Tracking the causes of Eurozone external imbalances: New evidence
Jose Luis Diaz Sanchez, Aristomene Varoudakis, 6 February 2014
The Eurozone sovereign debt crisis, triggered by the 2008–09 global financial crisis, exposed macroeconomic imbalances in member countries that had accrued gradually following the advent of the euro in 1999.
Going beyond the mystery of Italy’s price-competitiveness indicators
Claire Giordano, Francesco Zollino, 18 July 2013
Assessing Italy’s price competitiveness is becoming a puzzling challenge. Among others, Paul Krugman (2012) has questioned the reliability of the Italian cost-based indicators pinpointing their links with the “[country’s] mysterious productivity collapse”. Bayoumi et al.
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.
Hans-Werner Sinn, Akos Valentinyi, 9 March 2013
Europe is in the grip of three interrelated crises: a balance-of-payments crisis, a sovereign-debt crisis and a banking crisis. Policymakers have primarily focused on the sovereign-debt and banking crises. However, a credible strategy for getting the Eurozone back on track needs to address the problem of its large internal imbalances.
The Brazilian competitiveness cliff
Otaviano Canuto, Matheus Cavallari, José Guilherme Reis, 27 February 2013
The Brazilian economy is facing considerable competitiveness challenges (Bonelli and Pinheiro 2012). After several years of strong expansion, the recent slowdown seems related to supply-side difficulties stemming from a wide range of inefficiencies and rising costs, rather than insufficient aggregate demand.
Why do large movements in exchange rates have small effects on international prices?
Mary Amiti, Oleg Itskhoki, Jozef Konings, 19 February 2013
Exchange rate moves have surprisingly small effects on prices. This apparent ‘disconnect’ is one of the central puzzles in international macroeconomics. It is also a continual headache for policymakers who rely on exchange rates to accommodate the adjustment of global (current account) imbalances.
Value-added exchange rates
Rudolfs Bems, Robert Johnson, 6 December 2012
Real effective exchange rates (REERs) are widely used to gauge competitiveness. Yet conventional REERs, based on gross trade flows and consumer price indexes (CPIs), are not well suited to that role when imports are used to produce exports – i.e., with vertical specialisation in trade.
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.
Triggering competitiveness: A 'decalogue' from new firm-level evidence
Carlo Altomonte, Tommaso Aquilante, Gianmarco I.P. Ottaviano, 23 August 2012
The ability to 'grow out' of the crisis is now widely recognised as the only viable long-term option for maintaining the Eurozone (Delbecque 2012), keeping the EU vibrant and assuring the sustainability of the European social-market-economy model.
- 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
Cadot, de Melo, 16 June 2014
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
- The economics of Scottish independence in an interdependent worldHughes Hallett
- 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
- Corporate Finance Theory Symposium19 - 20 September 2014 / Cambridge / Judge Business School, Cambridge University
- International Trade, Finance, and Macroeconomics: Research Frontiers and Challenges for Policy18 - 19 December 2014 / The Bank of England, London / The Bank of England, Centre for Macroeconomics and CEPR