A tail of two countries
by Alan Ahearne, Juan Delgado, Jakob von Weizsäcker on 01 June 2008
Download: English
Category: POLICY BRIEFS
Topics: Budgetary and monetary policies, Financial markets and regulation, Labour, migration and ageing
The outlook for two of the euro area‘s best performing economies to date, Ireland and Spain, has darkened dramatically recently amid severe downturns in housing markets. What do these countries‘ experiences tell us about the functioning of EMU?
Bruegel‘s new policy brief ‘A Tail of Two Countries‘ examines the behaviour of housing markets in Ireland and Spain during EMU and considers what features and policies may have facilitated the overheating of housing markets in these countries. It also discusses the role of large migration flows in spurring growth in housing.
Politique économique : avons-nous appris ?
by Jean Pisani-Ferry on 10 May 2008
Download: French
Category: EXTERNAL PUBLICATIONS
Topics: Budgetary and monetary policies, European and global governance
In this paper for Revue économique, Jean Pisani-Ferry examines what economic policy we learned from the contemporary developments in economic research and which lessons have been drawn for the formulation and the implementation of French economic policy.
Government size and output volatility: should we forsake automatic stabilisation?
by Xavier Debrun, Jean Pisani-Ferry, André Sapir on 31 March 2008
Download: English
Category: WORKING PAPERS
Topics: Budgetary and monetary policies
In this working paper, Xavier Debrun, Jean Pisani-Ferry and André Sapir explore the relationships between government size and output volatility. Whilst government size contributes to macroeconomic stabilisation, the slow down in output volatility of the 1980s and 90s was due more to a combination of monetary policy improvements and financial developments. That this decline was especially pronounced in small-government countries showed a reduction in the variance of primary income was more important than government transfers and that other channels of stabilisation were available for small-government countries. For most countries in the euro area, the impact of a marginal change in the size of government is bound to be small.
Is structural spending on solid foundations?
by Indhira Santos on 19 February 2008
Download: English
Category: POLICY BRIEFS
Topics: Budgetary and monetary policies
Bruegel‘s new policy brief ‘Is Structural Spending on Solid Foundations?‘ analyses the performance of EU structural funds, asking questions that need to be addressed in the ongoing budget review: Is each euro invested where it will yield the highest return? And how much real redistribution across regions occurs as a result of structural funds?
Coming of age: report on the euro area
by Philippe Aghion, Alan Ahearne, Marek Belka, Jürgen von Hagen, Lars Heikensten , Jean Pisani-Ferry, André Sapir on 14 January 2008
Download: English
Category: BLUEPRINTS
Topics: Budgetary and monetary policies, Competition and single market, Currencies and International finance, European and global governance
This report surveys the economic performance of the euro area and gives recommendations about six policy challenges of major importance for the future of EMU.