A minimalist approach to fiscal oversight

George Kopits, 24 December 2013

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The German government has received much criticism for its reluctance to support unified banking supervision under the European Central Bank and the European Commission.

Topics: Europe's nations and regions
Tags: banking regulation, fiscal regulation, Germany

German labour reforms: Unpopular success

Tom Krebs, Martin Scheffel, 20 September 2013

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Just a few years ago, Germany was known as the sick man of Europe (Burda 2007). Starting from an average unemployment rate below 4% in the 1970s, Germany saw its rate increase to almost 9% in the period 1995-2005. As seen in Figure 1 the unemployment rate has a strong cyclical component but also a trend component that has been rising since the 1970s until the mid-2000s.

Topics: Labour markets, Macroeconomic policy
Tags: Germany, reforms, unemployment

Bowling for Adolf: How social capital helped to destroy Germany’s first democracy

Hans-Joachim Voth, Nico Voigtländer, Shanker Satyanath, 5 August 2013

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As recent events in Egypt and Tunisia demonstrate, establishing viable democracies can be a daunting task. Why do some democracies not just survive, but thrive – often in the face of adversity – while others buckle under strain and collapse?

Topics: Economic history, Politics and economics
Tags: civil society, Germany, Nazi, Weimar

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

Are Germans poorer than other Europeans? The principal Eurozone differences in wealth and income

Giovanni D'Alessio, Romina Gambacorta, Giuseppe Ilardi, 24 May 2013

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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

Topics: Europe's nations and regions
Tags: Eurozone crisis, Germany, Greece, household income, household wealth, Italy, Spain

Are Germans really poorer than Spaniards, Italians and Greeks?

Paul De Grauwe, Yuemei Ji, 16 April 2013

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Rarely have statistics been misused so much for political purposes as when recently the ECB published the results of a survey of household wealth in the Eurozone countries (2013a).1  From this survey it appeared that the median German household had the lowest wealth of all Eurozone countries.

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

The decoupling of the US and European economies: Evidence from nowcasting

Lucrezia Reichlin, Domenico Giannone, Jasper McMahon, Saverio Simonelli, 29 March 2013

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One of the most interesting features of recent business-cycle history is the decoupling of US real economic activity from that of the Eurozone (CEPR 2012, ECB 2013). CEPR's Euro Area Business Cycle Dating Committee estimates that the Eurozone entered a new recession in the third quarter of 2011, something the US has so far avoided.

Topics: Europe's nations and regions, Frontiers of economic research
Tags: decoupling, Eurozone crisis, Germany, nowcasting

Another look at Ricardian equivalence: The case of the European Union

Thomas Grennes, Andris Strazds, 28 February 2013

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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.

Topics: Europe's nations and regions
Tags: Eurozone crisis, Germany, Greece, Ricardian equivalence, Spain, UK

Caution to place makers: Greater firm density does not always promote incumbent firm health

William Kerr, Oliver Falck, Christina Günther, Stephan Heblich, 11 February 2013

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A common theme in economic geography is that increasing returns to scale at the local level are essential for explaining the geographical distribution of economic activity. These agglomerative forces are often cited as a rationale for policy intervention to attract new firms to areas.

Topics: Industrial organisation
Tags: agglomeration, clusters, East Germany, Germany

Value-added exchange rates

Rudolfs Bems, Robert Johnson, 6 December 2012

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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.

Topics: Competition policy, Global economy, International trade
Tags: China, competitiveness, Germany, global imbalances, globalisation, iPhone, supply chains, trade

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