Blogs&Reviews

  • A world with central bank digital currencies

    Tommaso Mancini-Griffoli, Maria Soledad Martinez Peria, Itai Agur, Anil Ari, John Kiff, Adina Popescu, Céline Rochon, Zoltan Jakab, 15 February 2019

    In this post, a group of IMF economists examine why central banks might consider issuing digitial currency, and how households and firms might adapt.

  • In this post, Ashoka Mody documents the costs of ECB timidity, which, he argues, arises from the political limits on its actions.

  • Hard Brexit ahead: Breaking the deadlock and restarting customs cooperation in Europe

    Gabriel Felbermayr, Clemens Fuest, Hans Gersbach, Albrecht Ritschl, Marcel Thum, Martin Braml, 07 February 2019

    The authors of this post argue that while the deadlock in the Brexit negotiations can be broken by tweaking the time limits of the Withdrawal Agreement and at the same time abandoning the backstop, a more viable long-term solution is a European Customs Association where Britain has active membership and a full vote alongside the EU member states.

  • A new expert survey on bank capital requirements

    Gene Ambrocio, Iftekhar Hasan, Esa Jokivuolle, Kim Ristolainen, 06 February 2019

    Capital requirements for banks have been raised considerably since the Global Crisis, but the optimal level and form of such requirements are still much debated. In this post, researchers from the Bank of Finland introduce a new survey of academic experts that will focus on the question of how much capital banks should hold.

Other Recent Blogs&Reviews:

  • Jason Furman, Wilson Powell, 08 June 2018

    The fraction of Americans employed fell between 2007 and 2017, during which time employment rates rose in many other advanced economies despite these countries also facing a similar headwind of an ageing population. In this post, Jason Furman and Wilson Powell show how the biggest driver of this was employment among women, which stagnated in the US while increasing in most of the other advanced economies.

  • Ashoka Mody, 08 June 2018

    Social democracy bears a dual promise: domestic social justice and European unity. Reviewing Germany’s Social Democratic Party (SPD) and its post-WWII struggles, Ashoka Mody illustrates the difficulty in translating social democratic values into political practice. Unable to generate a domestic consensus and powerless to counter the priorities dictated by the euro, social democracy will continue to fail at home while divisions among EU nations deepen.

  • Simon Wren-Lewis, 07 June 2018

    Brexiters have come up with various reasons for not staying in the Customs Union. In this post, Simon Wren-Lewis argues that none of these reasons stands up to scrutiny. He also argues that Prime Minister Theresa May should have realised right away that the Brexit people voted for – taking back control and being at least no worse off in economic terms at the same time – was an impossible project, and that this realisation should have governed how she approached Brexit from the start. 

  • Roger Farmer, 07 June 2018

    That idea that, in the immortal words of Gordon Gekko, “greed is good” is encapsulated in the first welfare theorem of economics which explains why markets, most of the time, work well. Selfish behaviour by people seeking to improve their own lives will, inevitably, improve the lives of everyone else on the planet.  In this post, Roger Farmer asks why that idea doesn’t apply also to the financial markets.

  • Pascal Lamy, 06 June 2018

    Although recent developments have challenged the established liberal consensus on globalisation, in this post Pascal Lamy argues that this process is set to continue due to the technological forces underpinning its evolution. While there is rising political opposition in light of increased inequality, undoing the current levels of economic integration will not be easy and strictly national solutions will be insufficient. In this context, Europe needs to unite around its social market model and project its values more strongly in the world.

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