The financial crisis has put to the forefront the long-debated issue of banks’ capital adequacy, showing that banks were much more fragile than they (and their regulators) pretended, also because they were allowed to push their leverage to levels much higher than any industrial company, or even a hedge fund, has never dreamt of.
European banks: Between a rock (need of more capital) and a hard place (low profitability)
Marco Onado, 23 February 2014
Clarifying the debate about deflation concerns
Mickey Levy, 21 February 2014
A common theme among many economic policymakers, financial market participants, and the media is that rich industrialised nations face a high risk of deflation, and that deflation always harms economic performance and so must be combatted with aggressive macroeconomic stimulus. Such broad assessments are misleading, and under certain circumstances may lead to misguided policies.
Efficient retail payments: An untapped source for reviving growth in Europe?
Iftekhar Hasan, Tuomas Takalo, 24 January 2014
Retail payments are an inherent part of most adults’ daily life in Europe. But promotion of efficient retail payments is seldom an inherent part of European growth agendas. It should be.
Scrapping subsidies during the Global Crisis – Evidence from Europe
Nina Leheyda, Frank Verboven, 5 December 2013
Many governments around the world have introduced scrapping schemes during the last financial and economic crisis. In Europe, they were especially popular during the year 2009. Governments aimed to counteract the sharply declining demand for cars, while at the same time promoting cleaner cars with lower CO2 emissions.
Public investments for long-term economic growth: the case of health
Michael Stolpe, 22 March 2013
Crisis or not, healthcare cries out for large-scale public investments that lock in what appears to be an historic trough in government borrowing costs in many of the world’s advanced countries.
European labour-market reform
John Driffill, 8 March 2013
Unemployment continues to rise in the Eurozone and is increasingly drawing attention to its sluggish labour markets. There is a lingering suspicion that these markets are not flexible enough; that wage growth (real and in money terms) does not respond sufficiently to unemployment.
Investigating the effect of exchange-rate changes in Japan, China, east Asia, and Europe
Willem Thorbecke, 26 February 2013
Policymakers are concerned about currency wars and competitive devaluations. Many complain that trading partners are artificially lowering their exchange rates through quantitative easing and managed exchange rates in order to gain price competitiveness for their exporters.
Youth unemployment in Europe: More complicated than it looks
Jacob Funk Kirkegaard, 13 October 2012
Hardly a day goes by without a reminder of youth unemployment rates in excess of 50% in Greece, Spain, Italy, and other parts of the European periphery. Sometimes the reminders are in the form of rants by economists or pundits about the moral deficiency of EZ demands for austerity and the risks of a lost generation of young people.
On work hours in the US and Europe
Hans Holter, Indraneel Chakraborty, Serhiy Stepanchuk, 18 May 2012
According to recent research, Americans work 30% more than Europeans (Prescott 2004 and Rogerson 2006). This was not the case in early 1970s when Western Europeans worked more than Americans. What accounts for the large differences between countries today?
Have the US and European economies parted company? The signals are increasingly clear
Lucrezia Reichlin, Domenico Giannone, Jasper McMahon, Saverio Simonelli, 2 May 2012
According to the NBER (2012), the last recession ended in June of 2009. CEPR (2012) dates the end of the recession in the Eurozone in the same quarter. For the UK, there is no established chronology but a visual inspection of Figure 1 shows that the recession and the subsequent recovery in the three economies have been highly synchronised.
- 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
DellaVigna, Durante, Knight, La Ferrara
Ostry, Berg, Tsangarides
Allen, Eichengreen, Evans
Greenwood, Guner, Kocharakov, Santos
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
- 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
- How the EZ crisis is permanently changing EU institutionsMicossi