According to many economists, monetary policy played a central role in exacerbating the severity of the global financial crisis of 2007-09.
Political Credit Cycles: The Case of the Euro Zone
Jesús Fernández-Villaverde, Luis Garicano, Tano Santos, 24 March 2013
Vox readers can download CEPR Discussion Paper 9404 for free here.
Is the Federal Reserve breeding the next financial crisis?
Ambrogio Cesa-Bianchi, Alessandro Rebucci, 11 April 2013
International capital flows during crises: Gross matters
Fernando A Broner, Tatiana Didier, Aitor Erce, Sergio Schmukler, 28 March 2013
The financial crises of the last three decades have spurred interest in the dynamics of international capital flows. Most of the work on the topic has focused on the behaviour of net capital flows, namely the difference between the foreign purchases of domestic assets (or capital inflows by foreigners) and the domestic purchases of foreign assets (or capital outflows by domestic agents).
Why does finance matter for trade? Evidence from new data
Marc Auboin, Martina Engemann, 3 December 2012
Academic interest in the role of trade finance has grown in the context of the financial crisis of 2008-09 and the subsequent economic downturn, just as policymakers’ interest was once caught by the Asian financial crisis (IMF 2003).
Slow but steady? External adjustment within the Eurozone starts working
Marco Buti, Alessandro Turrini, 12 November 2012
There is a general perception in the policy debate that Eurozone imbalances are not adjusting. Deficit countries are stuck in an unsustainable equilibrium and surplus countries’ growth is mostly based on exports. The most pressing concern is that a symmetric evolution of competitiveness between surplus and deficit countries is needed for rebalancing to be complete and durable.
Outright Monetary Transactions sterilised?
Michael McMahon, Udara Peiris, Herakles Polemarchakis, 30 October 2012
The Governing Council of the ECB recently announced that the Eurozone will be undertaking ‘Outright Monetary Transactions’ (OMT). This means that the ECB will be transacting directly in secondary markets for sovereign bonds of Eurozone Member States.
What’s the use of economics?
Alan Kirman, 29 October 2012
This column is a lead commentary in the VoxEU Debate "What's the use of economics?"
Uncertainty weighing on the global recovery
M Ayhan Kose, Marco E Terrones, 18 October 2012
In recent months, high uncertainty has again coincided with weakness in the global recovery. Many commentators argue that there is a causal link between the high uncertainty and weak recovery (Bloom 2011). Uncertainty is associated with escalating financial stress and recession in the Eurozone, stalling labour markets in the US, and slowing growth in emerging market and developing economies.
Lending relationships and credit rationing: the impact of securitisation
Hans Degryse, Santiago Carbó-Valverde, Francisco Rodríguez Fernández, 23 September 2012
Vox readers can download CEPR Discussion Paper 9138 for free here.
The doomsday cycle turns: Who’s next?
Simon Johnson, Peter Boone, 21 September 2012
There is a common problem underlying the economic troubles of Europe, Japan, and the US: the symbiotic relationship between politicians who heed narrow interests and the growth of a financial sector that has become increasingly opaque (Igan and Mishra 2011).
- Fiscal consolidation: At what speed?Blanchard, Leigh
- Public debt and economic growth, one more timePanizza, Presbitero
- Escaping liquidity traps: Lessons from the UK’s 1930s escapeCrafts
- The lessons of the North Atlantic crisis for economic theory and policyStiglitz
- Rethinking macroeconomic policyBlanchard
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Reichlin, Baldwin, 14 April 2013
Reichlin, Turner, Woodford
CEPR Policy Research
- The "Greatest" Carry Trade Ever? Understanding Eurozone Bank RisksAcharya, Steffen
- Political Credit Cycles: The Case of the Euro ZoneFernández-Villaverde, Garicano, Santos
- Winning by Losing: Incentive Incompatibility in Multiple QualifiersDagaev, Sonin
- Income and schoolingBrückner, Gradstein
- Monetary Policy and Rational Asset Price BubblesGalí
- How the EZ crisis is permanently changing EU institutionsMicossi
- WTO 2.0: Global governance of supply-chain tradeBaldwin
- Is US economic growth over? Faltering innovation confronts the six headwindsGordon
- The economic crisis: How to stimulate economies without increasing public debtWood
- Austerity: Too Much of a Good Thing?Corsetti
- Global Spillovers and Economic Cycles30 - 31 May 2013 / Paris / Banque de France