This Policy Contribution provides up-to-date evidence of the strong heterogeneity in the relationships between the five biggest EU economies with the Southern Mediterranean Countries (SMCs).…
European macroeconomics
Research in this area in 2011 is bound to be in significant part devoted to crisis developments and the corresponding policy responses, which is likely to require a fair degree of flexibility. It also needs to retain the flexibility required to respond to requests from policy institutions such as the Council, the Commission, the European Parliament, with which it has a standing contract and others such as the IMF and the World Bank. However research also has to address medium- and longer-term issues: the reform of macroeconomic policy systems; macroeconomic adjustments in Europe; and, last but not least, fiscal consolidation and growth.
Coordinator: Zsolt Darvas
Contributors: Zsolt Darvas, Benedicta Marzinotto, Jean Pisani-Ferry, André Sapir, Nicolas Véron, Reinhilde Veugelers, Guntram Wolff, Jacques Delpla, Shahin Vallée, Jakob von Weizsäcker
External contributors: Dag Detter, Mark Hallerberg (Hertie School Berlin)
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How wide is the Mediterranean?
21st May 2012
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Monetary transmission in three central European economies: evidence from time-varying coefficient vector autoregressions
2nd May 2012
This is a study of the transmission of monetary policy to macroeconomic variables with structural time-varying coefficient vector autoregressions in the Czech Republic, Hungary and…
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Propping up Europe?
24th April 2012
The Bank of England, the Federal Reserve (Fed) and the European Central Bank (ECB) have responded to the crisis with exceptional initiatives resulting in a…
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Sudden stops in the euro area
29th March 2012
There is a view that the euro crisis is a balance-of-payments crisis at least as much as a fiscal crisis.The balance-of-payments discussion lacks clarity, however.…
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Challenges for the euro area and implications for Latvia
2nd March 2012
This Policy Contribution reviews the major challenges faced by the euro area, and discusses recent initiatives and the way forward. Some implications are drawn out for Latvia’s euro accession, which is likely to be beneficial on balance. -
Corporate balance sheet adjustment: stylized facts, causes and consequences
6th February 2012
We analyse corporate balance sheet adjustment episodes in Germany and Japan, as well as a sample of 30 countries, using national account data. A panel…
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Who's afraid of sovereign bonds?
6th February 2012
The December large-scale provision of liquidity to banks by the ECB contributed to reducing spreads on Southern European sovereign bonds, but did it contribute to…
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The debt challenge in Europe
31st January 2012
The euro area faces a double challenge: debt overhang and the need for price adjustment. This paper reviews the debt challenges in the household and…
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The Euro crisis and the new impossible trinity
15th January 2012
The search for solutions to the euro crisis is based on a partial diagnosis that overemphasises the lack of enforcement of existing fiscal rules. Europe’s leaders should rather address the euro area’s inherent weaknesses revealed by the crisis. -
Financial transaction tax: Small is beautiful
9th January 2012
The case for taxing financial transactions merely to raise more revenues from the financial sector is not particularly strong. Better alternatives to tax the financial…
