“It is in the nature of beginning that something new is started which cannot be expected from what may have happened before. This character of startling unexpectedness is inherent in all beginnings.” – Hannah Arendt, The Human Condition, 1958.
The first ten years of the euro
Marco Buti, Vitor Gaspar, 24 December 2008
The folly of the central banks of Europe
John Muellbauer, 27 October 2008
When future economic historians look back to trace the triggers for the October 2008 financial panic and the unnecessarily severe recession of 2009, they will likely put their fingers on two.
The beginning of the end game…
Daniel Gros, Stefano Micossi, 20 September 2008
The US financial system is being nationalised. The piecemeal approach which culminated with the AIG operation was clearly not working. The US government had taken control of its biggest insurance company just two weeks after it had to save Fannie and Freddie, by far the world’s largest mortgage underwriters.
ECB credibility unprecedentedly low
Petra Geraats, Francesco Giavazzi, Charles Wyplosz, 9 September 2008
The European Central Bank (ECB) attaches great importance to the credibility that people have in its ability to achieve its primary objective of price stability in the medium term.
Central bank independence and transparency: Not just cheap talk (Part 1)
Christopher Crowe, Ellen E. Meade, 27 July 2008
In recent days, French President Nicolas Sarkozy has called for changes that would increase the accountability of the European Central Bank, including the publication of meeting minutes for its Governing Council.1 This and other types of accountability measures are gen
How to prick local housing bubbles in a monetary union: regulation and countercyclical taxes
Alan Ahearne, Juan Delgado, Jakob von Weizsäcker, 27 June 2008
Academics and central bankers across the world are again engaged in an intensive debate about how central banks should react to substantial rises in asset prices in the wake of recent booms and busts in housing markets in many countries. Until recently, there seems to have been a consensus that monetary policy should not be aggressively tightened in an attempt to prick a house price bubble.
Why central banking is no longer boring
Guido Tabellini, 23 June 2008
Until a year ago, central bankers could boast with satisfaction that monetary policy had become boring. A widely shared “best practice” was followed by almost all central banks. Any controversies concerned technical nuances that were really only relevant to professionals in the field. Then came the credit crisis – and all certainties went out the window.
Why does the spread between LIBOR and expected future policy rates persist, and should central banks do something about it?
Francesco Giavazzi, 2 June 2008
For a few months now the markets have been concerned by the persistence of a spread between the 1- and 3-month LIBOR (“London Interbank Offer Rate” – the interest rate at which banks lend money to each other without posting collateral) and the comparable overnight index swap rates (OIS), i.e. future expected policy rates (the Federal Funds rate in the U.S.
Enough is enough: How many people should decide about monetary policy?
Helge Berger, Volker Nitsch, 30 May 2008
A few weeks ago, the European Commission recommended that Slovakia should be allowed to join the eurozone as of January 1, 2009.
Buiter’s warning: Who is the recapitaliser of last resort for the ECB?
Richard Baldwin, 8 May 2010
The Fed, Bank of England and ECB have recently loaned money to banks against collateral that is riskier than usual – including mortgage-backed securities that are at the heart of the current crisis. Since some of these loans could go bad, questions arise: Can the central bank go broke? Who would recapitalise it if it did?
- 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
Adelman, 28 October 2013
Reichlin, Giugliano, 7 November 2013
Holmes, McGrattan, Prescott
Beck, De Haas, Ongena
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
- What’s wrong with Europe?Baldini, Manasse
- How the EZ crisis is permanently changing EU institutionsMicossi
- WTO 2.0: Global governance of supply-chain tradeBaldwin
- Is US economic growth over? Faltering innovation confronts the six headwindsGordon
- The economic crisis: How to stimulate economies without increasing public debtWood