| Working Paper |
File Downloads |
Abstract Views |
| Last month |
3 months |
12 months |
Total |
Last month |
3 months |
12 months |
Total |
| "Taylored rules". Does one fit (or hide) all? |
0 |
0 |
1 |
67 |
0 |
0 |
2 |
257 |
| A qualified treatment for green and social investments within a revised EU fiscal framework |
0 |
0 |
3 |
16 |
0 |
0 |
13 |
30 |
| Adjustment Difficulties and Debt Overhangs in the Eurozone Periphery |
0 |
0 |
0 |
18 |
0 |
0 |
1 |
70 |
| Adjustment Difficulties and Debt Overhangs in the Eurozone Periphery |
0 |
0 |
0 |
11 |
0 |
0 |
0 |
40 |
| Assessing the Euro Area�s Shock-Absorption Capacity - Risk sharing, consumption smoothing and fiscal policyAbstract: Based on a combination of quantitative analysis and a qualitative forward-looking approach, this paper assesses both the state of play and the future capacity of the EMU to respond and adapt to asymmetric shocks. The objective is to provide a basis upon which to gauge the potential value added of a European Unemployment Benefit Scheme (EUBS), against the background of the recent plans for the Banking Union, the Capital Markets Union and the reform of the fiscal governance framework. We find that the capacity of the system to deal with asymmetric shocks (and in principle reduce their occurrence) is likely to increase due to these changes; but it will remain limited in the medium term and certainly lower than in the US. We also argue that given the broad pro-cyclicality of fiscal policy, the idea that national policies alone can deal alone with asymmetric shocks is not realistic. Lastly, we maintain that an ex-ante fiscal insurance mechanism can provide some degree of income smoothing and is likely to catalyse market insurance. Fiscal and market insurance can reduce the role of credit and borrowing, which until now has been the main channel for shock absorption in the euro area but also the least effective in times of crisis. We conclude that, from a macroeconomic point of view, an EUBS is a useful tool to improve shock absorption capacity and is not mutually exclusive with market risk sharing. This report was prepared in the context of a research project on �The Feasibility and Added Value of a European Unemployment Benefits Scheme�, commissioned by DG EMPL of the European Commission and carried out by a consortium of researchers led by CEPS. It is published by CEPS with the kind permission of the European Commission |
0 |
1 |
1 |
27 |
0 |
2 |
3 |
73 |
| Brazil and the EU in the Global Economy |
0 |
1 |
1 |
31 |
0 |
1 |
1 |
82 |
| Can the Pay Transparency Directive close the gender pay gap? |
3 |
3 |
19 |
46 |
5 |
5 |
45 |
97 |
| Central Banks in Times of Crisis: The FED vs. the ECB |
0 |
0 |
0 |
204 |
0 |
0 |
3 |
445 |
| Changing Social Investment Strategies in the EU |
0 |
0 |
3 |
30 |
3 |
4 |
14 |
77 |
| China�s slowdown: When the dragon catches the flu, Europe sneezes |
0 |
0 |
0 |
23 |
0 |
0 |
0 |
62 |
| Country adjustment to a ‘sudden stop’: Does the euro make a difference? |
0 |
0 |
0 |
92 |
0 |
1 |
2 |
213 |
| Did the COVID-19 pandemic impact income distribution? |
0 |
0 |
3 |
24 |
0 |
0 |
7 |
29 |
| Enhancing the Legitimacy of EMU Governance |
0 |
0 |
0 |
24 |
0 |
0 |
0 |
50 |
| Exit State-of-play in Implementing Macroeconomic Adjustment Programmes in the Euro Area |
0 |
0 |
0 |
46 |
0 |
0 |
0 |
83 |
| Fiscal Policy Stabilisation and the Financial Cycle in the Euro Area |
2 |
3 |
6 |
94 |
2 |
3 |
9 |
150 |
| Fiscal Risk Sharing and Resilience to Shocks: Lessons for the euro area from the US |
0 |
0 |
1 |
27 |
0 |
0 |
2 |
81 |
| History repeating itself: From the Argentine default to the Greek tragedy? |
0 |
0 |
0 |
45 |
0 |
0 |
0 |
145 |
| How to strengthen the European Semester? |
0 |
0 |
0 |
7 |
0 |
0 |
1 |
38 |
| Implementation of the Macroeconomic Adjustment Programmes in the Euro Area: State-of-Play |
0 |
0 |
0 |
52 |
0 |
1 |
6 |
98 |
| Implications of EU Governance Reforms: Rationale and Practical Application |
0 |
0 |
0 |
66 |
0 |
0 |
2 |
110 |
| Is there a need for additional monetary stimulus? Insights from the original Taylor Rule |
0 |
0 |
0 |
48 |
0 |
0 |
0 |
46 |
| Risk-sharing and Consumption-smoothing Patterns in the US and the Euro Area: A comprehensive comparison |
1 |
1 |
4 |
33 |
1 |
1 |
5 |
87 |
| State-of-Play in Implementing Macroeconomic Adjustment Programmes in the Euro Area |
0 |
0 |
0 |
58 |
0 |
0 |
0 |
86 |
| State-of-play in implementing macroeconomic adjustment programmes in the euro area |
0 |
0 |
0 |
21 |
2 |
2 |
3 |
64 |
| The Effect of Equity Market Integration on the Transmission Monetary Policy. Evidence from Australia |
0 |
0 |
1 |
53 |
0 |
0 |
3 |
224 |
| The Global Economy in 2030: Trends and Strategies for Europe |
0 |
0 |
2 |
114 |
1 |
5 |
14 |
629 |
| The Greek economy is unlikely to benefit from further devaluation |
0 |
0 |
0 |
7 |
0 |
0 |
0 |
26 |
| The Greek elections and the third bailout programme: Why it could work this time round |
0 |
0 |
0 |
4 |
0 |
0 |
0 |
17 |
| The Instruments providing Macro-Financial Support to EU Member States |
0 |
0 |
1 |
7 |
0 |
1 |
3 |
42 |
| The Nature of Shocks in the Eurozone and Their Absorption Channels |
0 |
0 |
0 |
36 |
0 |
0 |
3 |
64 |
| The Spanish Hangover |
0 |
0 |
0 |
36 |
0 |
0 |
0 |
105 |
| What lessons from the 1930s? |
0 |
0 |
0 |
141 |
0 |
0 |
0 |
113 |
| ``Taylored'' Rules. Does One Fit All? |
0 |
0 |
0 |
103 |
0 |
0 |
0 |
467 |
| �Grexit�: Who would pay for it? |
0 |
0 |
0 |
95 |
0 |
0 |
0 |
206 |
| Total Working Papers |
6 |
9 |
46 |
1,706 |
14 |
26 |
142 |
4,406 |
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