Francesco Giavazzi, Guido Tabellini, Saturday, January 17, 2015 - 00:00
Marco Buti, Monday, December 22, 2014 - 00:00
Vincent Bouvatier, Anne-Laure Delatte, Sunday, December 14, 2014 - 00:00
Jean-Pierre Landau, Tuesday, December 2, 2014 - 00:00
Paolo Manasse, Monday, December 1, 2014 - 00:00
Thorsten Beck, Monday, November 10, 2014 - 00:00
Jean Pisani-Ferry, Friday, November 7, 2014 - 00:00
Moreno Bertoldi, Philip R. Lane, Valérie Rouxel-Laxton, Paolo Pesenti, Friday, October 24, 2014 - 00:00
Francesco Giavazzi, Guido Tabellini, Thursday, September 25, 2014 - 00:00
Roberto Perotti, Saturday, September 13, 2014 - 00:00
Charles Wyplosz, Friday, September 12, 2014 - 00:00
Marcus Miller, Lei Zhang, Wednesday, September 10, 2014 - 00:00
Alberto Cavallo, Brent Neiman, Roberto Rigobon, Friday, August 22, 2014 - 00:00
What happens to prices when a country joins a currency union, and do prices behave differently in a pegged exchange rate regime? This column sheds lights on these questions by using evidence from Latvia, whose currency was pegged to the euro before the country became a Eurozone member on 1 January 2014. The authors find that clothing retail prices in Latvia completely converged to those in other Eurozone countries.
Selin Sayek, Fatma Taskin, Saturday, July 5, 2014 - 00:00
The European Monetary Union is unprecedented, but the Eurozone Crisis is not. This column draws upon the experiences of previous banking crises, and compares the Eurozone Crisis countries. Like Japan before the 1992 crisis, Spain and Ireland had property bubbles fuelled by domestic credit. The Greek crisis is very distinct from crises in other Eurozone countries, so a one-size-fits-all policy would be inappropriate. The duration and severity of past crises suggest the road ahead will continue to be very rough.
Joshua Aizenman, Thursday, July 3, 2014 - 00:00
After a promising first decade, the Eurozone faced a severe crisis. This column looks at the Eurozone’s short history through the lens of an evolutionary approach to forming new institutions. German dominance has allowed the euro to achieve a number of design objectives, and this may continue if Germany does not shirk its responsibilities. Germany’s resilience and dominant size within the EU may explain its ‘muddling through’ approach to the Eurozone crisis. Greater mobility of labour and lower mobility of under-regulated capital may be the costly ‘second best’ adjustment until the arrival of more mature Eurozone institutions.
Jacques Melitz, Wednesday, July 2, 2014 - 00:00
As the Eurozone cautiously implements stabilising reforms, Germany is forced to go further with concessions than it would prefer. This column suggests that it would be beneficial for discontented members to consider the formation of a second monetary union. The second euro can be constructed better than the first, bringing the discontented members exchange-rate adjustments relative to Germany, and avoiding competitive devaluations.
Marcus Miller, Lei Zhang, Thursday, June 26, 2014 - 00:00
Like banks, indebted governments can be vulnerable to self-fulfilling financial crises. This column applies this insight to the Eurozone sovereign debt crisis, and explains why the ECB’s Outright Monetary Transactions policy reduced sovereign bond spreads in the Eurozone.
Philippe Weil, Friday, June 20, 2014 - 00:00
The CEPR Business Cycle Dating Committee recently concluded that there is not yet enough evidence to call a business cycle trough in the Eurozone. Instead, the committee has announced a 'prolonged pause' in the recession. This Vox Talk discusses the possible directions that this situation could lead to and questions whether the Great Recession has harmed the Eurozone’s long-term growth prospects to the extent that meagre growth could become the 'new normal'.
CEPR Business Cycle Dating Committee, Tuesday, June 17, 2014 - 00:00
The simplest business cycle dating algorithm declares recessions over after two consecutive quarters of positive GDP growth. By that metric, the Eurozone recession has been over since 2013Q1. This column argues that growth and improvements in the labour market have been so anaemic that it is too early to call the end of the Eurozone recession. Indeed, if this is what an expansion looks like, then the state of the Eurozone economy might be even worse than economists feared.
Marco Buti, Philipp Mohl, Wednesday, June 4, 2014 - 00:00
Investment in the Eurozone is forecast to remain below trend until 2015, with a particularly large shortfall in the periphery. Low investment reduces aggregate demand, thus lowering short-term growth, and it also hampers medium-term growth through its effect on the capital stock. This column highlights three causes of low Eurozone investment – reduced public investment, financial fragmentation, and heightened uncertainty – and proposes a series of remedies.