Found 14 article(s) for author 'Euro'

Unequal Europe: Regional Integration and the Rise of European Inequality

Unequal Europe: Regional Integration and the Rise of European Inequality. Jason Beckfield, 2019, Book, “Argues that European integration causes the convergence and retrenchment of European welfare states. Shows that regional integration has important effects on European welfare states and income inequality in Europe over and above those of globalization. Develops the concept of “technocratic capitalism” as an interpretation of a predominant form of capitalism in the EU over the last thirty years.Link

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Trend, Seasonal, and Sectoral Inflation in the Euro Area

Trend, Seasonal, and Sectoral Inflation in the Euro Area. James Stock, January 27, 2019, Paper, “An unobserved components model with stochastic volatility is used to decompose aggregate Euro area HICP inflation into a trend, seasonal and irregular components. Estimates of the components based only on aggregate data are imprecise: the width of 68% error bands for the seasonally adjusted value of aggregate inflation is 1.0 percentage points in the final quarter of the sample. Estimates are more precise using a multivariate model for a 13-sector decomposition of aggregate inflation, which yields a corresponding error band that is roughly 40% narrower. Trend inflation exhibited substantial variability during the 2001-2018 period and this variability closely mirrored variation in real activity.Link

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The Euro’s First 20 Years

The Euro’s First 20 Years. Jeffrey Frankel, January 25, 2019, Opinion, “According to public opinion polls, 20 years after its introduction, the euro is highly popular, with 64% of eurozone citizens supporting the common currency. This offers hope that, if the eurozone’s leaders can learn from past mistakes, the monetary union will survive and even thrive in the future.Link

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Introduction to: the euro at twenty

Introduction to: the euro at twenty. Laura Alfaro, November 27, 2018, Book Chapter, “January 1, 2019 marks 20 years since the introduction of the euro. This anniversary presents an opportunity to reflect on lessons learned from the first 20 years of EMU in Europe, and consider prospects for the future. The last few years have demonstrated the strains possible when multiple countries engage together in the bold venture of monetary union. The editors of Review of World Economics decided to invite several prominent thinkers to offer their insights, regarding what they believe was the biggest surprise from the euro’s first 20 years, and what is the biggest challenge for next 20 years.Link

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How Democratic Is the Euro?

How Democratic Is the Euro? Dani Rodrik, June 11, 2018, Opinion, “If the European Union is to remain viable and democratic at the same time, policymakers will have to pay closer attention to the demanding requirements of delegating decisions to unelected bodies. They should promote such a delegation of sovereignty only when it truly enhances the long-term performance of their democracies.Link

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What lurks beneath the Euro

What lurks beneath the Euro. Carmen Reinhart, November 16, 2017, Opinion, “Earlier this year, the consensus among economists was that the United States would outstrip its advanced-economy rivals. The expected spurt in U.S. growth would be driven by the economic stimulus package described in President Donald Trump’s election campaign. But instead, the most notable positive economic news from the developed countries in 2017 has been coming from Europe.Link

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The Eurozone Must Reform or Die

The Eurozone Must Reform or Die. Kenneth Rogoff, June 14, 2017, Opinion, “With the election of a reform-minded centrist president in France and the re-election of German Chancellor Angela Merkel seeming ever more likely, is there hope for the stalled single-currency project in Europe? Perhaps, but another decade of slow growth, punctuated by periodic debt-related convulsions, still looks more likely. With a determined move toward fiscal and banking union, things could be much better. But, in the absence of policies to strengthen stability and sustainability, the chances of an eventual collapse are much greater.Link

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Understanding the Political Economy of the Eurozone Crisis

Understanding the Political Economy of the Eurozone Crisis. Jeffry Frieden, 2017, Paper, “The Eurozone crisis constitutes a grave challenge to European integration. This article presents an overview of the causes of the crisis and analyzes why it has been so difficult to resolve. We focus on how responses to the crisis were shaped by distributive conflicts both among and within countries. On the international level, debtor and creditor countries have fought over the distribution of responsibility for the accumulated debt; countries with current account surpluses and deficits have fought over who should implement the policies necessary to reduce the current account imbalances. Within countries, interest groups have fought to shift the costs of crisis resolution away from themselves.Link

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The Euro Crisis: Where to From Here?

The Euro Crisis: Where to From Here? Jeffrey Frankel, May/June 2015, Opinion. “Germans cannot agree to unlimited bailouts of euro members.  On the other hand, if they had rigidly insisted on the founding principles (fiscal constraints, “no bailout clause,” and low inflation as the sole goal of the ECB), the euro would not have survived the post-2009 crisis.  The impact of fiscal austerity has been to raise debt/GDP ratios among periphery countries, not lower them.  The eurozone will endure, but through a lost decade of growth.   It would help if the ECB further eased monetary policy, which it could do by buying US treasury bonds…Link

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