Organizing euro risk sharing proposals
European governments are facing ballooning budget deficits in their quest to mitigate the economic effects of containment measures against the covid-19 pandemic. As some of these countries start t...
Gergo Motyovszki personal website
PhD, Department of Economics
Blog
Eurobonds, risk sharing and covid-19
[Continuing from the previous post discussing Coronavirus macro policy.] The common nature of the coronavirus crisis has intensified calls for deepening European fiscal risk sharing. Whether that r...
Covidonomics: Macro policy and the coronavirus
In this essay I review the wide ranging macroeconomic policy discussion about the Coronavirus (Covid-19) pandemic. The containment measures in response to the virus are putting a substantial porti...
Under the spell of zeros: Monetary and fiscal policy in an oversaving Europe
(a shorter and edited version of this article was published on Social Europe on 2 Jan 2020) A fierce debate is raging about European macroeconomic policy. First, German media...
Follow up on Italy budget
I received several comments to my latest post on the budget debate between Italy and the European Commission. Here I just want to emphasize three points, which I have already mentioned...
The Italian budget saga - 3/3 - The role of ECB as a monetary backstop
[…Continuing from the second part:] [full essay in pdf version here] In the previous two parts of this essay we have seen that fiscal expansion in Italy could be justified....
The Italian budget saga – 2/3 – Austerity bias in the eurozone
[…Continuing from the first part:] [full essay in pdf version here] There is a common moralising narrative according to which “profligate” euro periphery countries were living beyond their means, w...
The Italian budget saga - 1/3 - Is the fiscal deficit too high?
In recent weeks the eurozone crisis flared up again, this time on the occasion of a debate between the European Commission and the Italian government over the latter’s new budget...
Helicopter money and some challenges
In a recent FT column Martin Sandbu writes about the “timidity of monetary policy” following the Great Financial Crisis, accusing central banks of not doing enough in order to...