[ Twitter thread from Apr 7, @ motyo6] THREAD on Hungarian monetary policy in #covid19 crisis management. Central bank’s announcements today illustrate the dilemma of emerging markets…
Category: Article
[ Twitter thread from 6th April, @motyo6 ] A. Orphanides has long been warning about the @ecb using external private credit rating agencies to determine collateral eligibility of…
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…
[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.…
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…
Continue reading Covidonomics: Macro policy and the coronavirus
(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…
Continue reading Under the spell of zeros: Monetary and fiscal policy in an oversaving Europe
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,…
[…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…
Continue reading The Italian budget saga – 3/3 – The role of ECB as a monetary backstop
[…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…
Continue reading The Italian budget saga – 2/3 – Austerity bias in the eurozone
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…
Continue reading The Italian budget saga – 1/3 – Is the fiscal deficit too high?