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Week Ending 16 January 2010

DOES THE GREAT RECESSION REALLY MEAN THE END OF THE GREAT MODERATION?
Olivier Coibion, Yuriy Gorodnichenko, 16 January 2010

Was the Great Moderation "something of a fluke"? This column argues that good monetary policy did play a role in taming inflation. It argues that the current recession, while clearly severe by historical standards, does not seem to imply a return to the levels of volatility observed in the 1970s.

Read article: http://www.VoxEU.org/index.php?q=node/4496

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Week Ending 19th December 2009

TRADE AND THE LABOUR MARKET IN THE US: A NEW INSIGHT ON POTENTIAL COSTS
Pravin Krishna, Mine Z. Senses, 19 December 2009

Public concerns regarding globalisation remain as economists still do not agree on trade's effect on the labour market. This column focuses on the effect of increased trade on permanent income shocks experienced by workers in the US. It suggests that increased import penetration is associated with increased risk to worker incomes.

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Week Ending 5th December 2009

WHY A CAP-AND-TRADE SYSTEM CAN BE BAD FOR YOUR HEALTH
Daniel Gros, 5 December 2009

The purpose of a cap-and-trade system is to help in the fight against global climate change. This column warns that a unilateral approach could increase global emissions by shifting production to more carbon-intensive methods abroad. Acting alone, the EU's Emission Trading Scheme may be doing more harm than good.

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Week Ending 21st November 2009

HOW PREFERENTIAL ARE PREFERENTIAL TRADE AGREEMENTS?
Céline Carrère, Jaime de Melo, Bolormaa Tumurchudur Klok, 21 November 2009

Almost all economies are party to preferential trade schemes. But how much are they 'giving away' or 'receiving' in preferential access? This column presents a compact representation of effective market access and applies it to the proposed ASEAN-EU trade agreement.

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Week Ending 14th October 2009

DID FINANCIAL GLOBALISATION MAKE THE US CRISIS WORSE?
Enrique G. Mendoza, Vincenzo Quadrini, 14 November 2009

Can we blame financial globalisation for the severity of the current crisis? This column says that financial integration spread the negative banking shock that originated in the US across countries, thereby making the US better off at others' expense.

Read article: http://www.VoxEU.org/index.php?q=node/4206
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Week Ending 7 November

DECOUPLING AND THE FUTURE OF EMERGING ECONOMIES' GROWTH
Eduardo Levy-Yeyati, 7 November 2009

Most evidence says that emerging economies remain coupled to global growth. Does that threaten their economic resilience? This column says that emerging economies' growth is more linked to Chinese growth than that of G7 economies, suggesting that their performance is rooted in well-founded, long-term economic trends.

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Week Ending 31 October 2009

THE CRISIS WILL FORCE WORKERS TO RETIRE
Courtney C. Coile, Phillip B. Levine, 31 October 2009

Since the crisis began, the economy has shed millions of jobs. This column explains how stock, housing, and labour market fluctuations affect retirement decisions. While wealthier workers will delay retirement, a larger number of workers will be forced into retirement because of their inability to find new jobs. This increased involuntary retirement will likely exceed any work-seeking effect of diminished stock market wealth by 50%.

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Week Ending 24 October 2009

COORDINATING EUROPEAN FINANCIAL SUPERVISION
Sylvester Eijffinger, 24 October 2009

Governments are restructuring their financial supervision systems. This column warns that the proposed new structure for European financial supervision is poorly coordinated and will not help in a systemic crisis. It discusses how the ECB might coordinate macro-prudential supervision in the euro area.

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Week Ending 17 October 2009

SUBPRIME MORTGAGES: MYTHS AND REALITY
Kent Cherny, Yuliya Demyanyk, 17 October 2009

The global crisis is said to have originated in the US subprime mortgage market. This column argues that many of the most popular explanations that have emerged for the subprime crisis are, to a large extent, myths.

Read article: http://www.VoxEU.org/index.php?q=node/4102
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