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Income distribution, household debt, and aggregate demand : a critical assessment
Mason, J. W. - 2018
During the period leading up to the recession of 2007-08, there was a large increase in household debt relative to …. It is sometimes claimed that these three developments were closely linked. In these stories, the rise in household debt … ask if this story is consistent with the empirical evidence. In particular, I ask five questions: How much household …
Persistent link: https://www.econbiz.de/10011810449
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An outline of a progressive resolution to the euro-area sovereign debt overhang : how a five-year suspension of the debt burden could overthrow austerity
Sōtēropulos, Dēmētrēs P.; Mēlios, Giannēs G.; … - 2014
restructuring of any foreign eurozone country. Debt will not be forgiven: individual states will agree to buy it back from the ECB …
Persistent link: https://www.econbiz.de/10010432271
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Fiscal policy and rebalancing in the Euro area : a critique of the German debt brake from a Post-Keynesian perspective
Hein, Eckhard; Truger, Achim - 2013
The German debt brake is often regarded as a great success story, and has therefore served as a role model for the Euro area and its fiscal compact. In this paper we fundamentally criticize the debt brake. We show that (1) it suffers from serious shortcomings, and its success is far from certain...
Persistent link: https://www.econbiz.de/10010187671
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The euro and its guardian of stability : the fiction and reality of the 10th anniversary blast
Bibow, Jörg - 2009
This paper investigates why Europe fared particularly poorly in the global economic crisis that began in August 2007. It questions the self-portrait of Europe as the victim of external shocks, pushed off track by reckless policies pursued elsewhere. It argues instead that Europe had not only...
Persistent link: https://www.econbiz.de/10003943124
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The impact of banking behaviour on monetary strategy in Europe
Borchert, Manfred - 2005 - Revised and extended edition 2005
At present, Western European banks are increasingly branching out into asset management as well as the consulting business, which cannot be influenced directly by monetary controls. We have therefore conducted a factor analysis of banks' balance-sheet items, and we have also plotted figures from...
Persistent link: https://www.econbiz.de/10009373732
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The European Central Bank and why things are the way they are : a historic monetary policy pivot point and moment of (relative) clarity
Dubois, Robert - 2012
, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else … divergence and political and social discord across member-states. Given the scale and scope of the eurozone crisis, policy and … become more homogenized, synchronized, and directionally clear than at any time since early 2009. -- Eurozone ; Monetary …
Persistent link: https://www.econbiz.de/10009503821
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The euro debt crisis and Germany's euro trilemma
Bibow, Jörg - 2012
This paper investigates the causes behind the euro debt crisis, particularly Germany's role in it. It is argued that the crisis is not primarily a "sovereign debt crisis" but rather a (twin) banking and balance of payments crisis. Intra-area competitiveness and current account imbalances, and...
Persistent link: https://www.econbiz.de/10009533362
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What are the driving factors behind the rise of spreads and CDSs of euro-area sovereign bonds? : a FAVAR model for Greece and Ireland
Apergēs, Nikolaos; Mamatzakis, Emmanuel C. - 2012
This paper examines the underlying dynamics of selected euro-area sovereign bonds by employing a factor-augmenting vector autoregressive (FAVAR) model for the first time in the literature. This methodology allows for identifying the underlying transmission mechanisms of several factors; in...
Persistent link: https://www.econbiz.de/10009533553
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The euro crisis and the job guarantee : a proposal for Ireland
Wray, L. Randall - 2012
Euroland is in a crisis that is slowly but surely spreading from one periphery country to another; it will eventually reach the center. The blame is mostly heaped upon supposedly profligate consumption by Mediterraneans. But that surely cannot apply to Ireland and Iceland. In both cases, these...
Persistent link: https://www.econbiz.de/10009490197
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Making the Euro viable : the Euro treasury plan
Bibow, Jörg - 2015
a vehicle to pool future eurozone public investment spending and to have it funded by proper eurozone treasury …
Persistent link: https://www.econbiz.de/10011309515