Think Global Act European II
by Jean Pisani-Ferry, Bruno van Pottelsberghe , Jakob von Weizsäcker on 04 March 2010
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Category: EXTERNAL PUBLICATIONS
Topics: European and global governance
On 4 March Notre Europe launched the second edition of Think Global Act European. This issue, dedicated to the Spanish, Belgian and Hungarian Trio Presidency, compiles analysis and recommendations from 14 different think tanks on the different issues concerning the changing role of the rotating presidency and the trio themselves. Bruegel has contributed with three papers: the first one by Bruegel Director Jean Pisani-Ferry on Internal and external challenges for the EU -coauthored by András Inotai, Director of the Institute for World Economics of the Hungarian Academy of Sciences / GKI-; and the other two by Senior Fellow Bruno van Pottelsberghe on The governance of the European patent system, and Research Fellow Jakob von Weizsäcker on Greening the Stimulus Debt.
Monetary Policy and Risk Taking
by Ignazio Angeloni on 15 February 2010
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Category: EXTERNAL PUBLICATIONS
Topics: Budgetary and monetary policies
In this paper Bruegel Visiting Scholar Ignazio Angeloni (European Central Bank), Ester Faia (Goethe University Frankfurt, Kiel IfW and CEPREMAP) and Marco Lo Duca (European Central Bank) examine the links between monetary policy, financial risk and the business cycle, combining data evidence and a new DSGE model with banks. The model includes banks (modeled as in Diamond and Rajan, JF 2000 and JPE 2001) and a financial accelerator (Bernanke et al., 1999 Handbook). A monetary expansion increases the propensity of banks to assume risks. In turn, financial risks affect economic activity and prices. This "risk-taking" channel of monetary transmission, absent in pure financial accelerator models, operates via the leverage decisions of banks. The model results match certain features of the data, as emerged in recent panel data studies and in our own time series estimates for the US and the euro area.
Financial Transaction Tax: Small is Beautiful
by Zsolt Darvas, Jakob von Weizsäcker on 11 January 2010
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Category: EXTERNAL PUBLICATIONS
Topics: Financial markets and regulation
Resident Fellows Zsolt Darvas and Jakob von Weizsäcker wrote this paper on the pros and cons of a Financial Transaction Tax (FTT) following testimony von Weizsäcker gave for the Economic and Monetary Affairs Committee of the European Parliament. They argue that a small tax on financial transactions is justifiable in order to limit socially undesirable transactions. Please see here for the authors' accompanying presentation.
A revised version of this paper was published as a Bruegel Policy Contribution in February 2010. Please see here to download the Policy Contribution.
Monetary Policy on the Way out of the Crisis
by Jürgen von Hagen on 01 December 2009
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Category: EXTERNAL PUBLICATIONS
Topics: Budgetary and monetary policies
In this paper, commissioned by the European Parliament, Bruegel Visiting Scholar, Juergen von Hagen analyses the European and US monetary strategies during the crisis and points out that at the current moment coordination of monetary and fiscal exit strategies will be essential in order to avoid killing off the recovery before it has acquired full force. The author suggests that the risks of adverse macroeconomic developments are considerably less if fiscal policy exists from crisis mode first and monetary policy second.
Accounting Norms in the Storm
by Nicolas Véron on 01 November 2009
Download: French
Category: EXTERNAL PUBLICATIONS
Topics: Financial markets and regulation
In the November edition of the French journal La Constructif, Senior Resident Fellow Nicolas Véron discusses two related controversies that have hit the field of accounting in the wake of the financial crisis: the issue of 'fair value' and the work of the International Accounting Standards Board (IASB).