This European survey examines (a) Europe’s economic growth performance over the last 25 years has been measurably better than it would have been in the absence of the single currency; (b) With euro area member states having given up their ability to carry out independent monetary policy, it is substantially more difficult for them to respond effectively to country-specific macroeconomic disturbances
Keyword: macroeconomic stability
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This European survey examines (a) Fiscal rules on budget deficits and public debt levels are an essential part of a sound fiscal framework; (b) Since the inception of the Stability and Growth Pact, budget deficits in Europe have been measurably lower, on average, than would have been the case without common budget rules; (c) Since the inception of the Stability and Growth Pact, the path of GDP growth in Europe has been measurably more stable than would have been the case without common budget rules
This US survey examines (a) Fiscal rules on budget deficits and public debt levels are an essential part of a sound fiscal framework; (b) Since the inception of the Stability and Growth Pact, budget deficits in Europe have been measurably lower, on average, than would have been the case without common budget rules; (c) Since the inception of the Stability and Growth Pact, the path of GDP growth in Europe has been measurably more stable than would have been the case without common budget rules
This US survey examines (a) Non-bank financial intermediaries pose a substantial threat to financial stability; (b) Regulating the leverage and liquidity of non-bank financial intermediaries would substantially improve financial stability; (c) Given current regulations, non-bank financial intermediaries should not have access to central bank support
This European survey examines (a) Non-bank financial intermediaries pose a substantial threat to financial stability; (b) Regulating the leverage and liquidity of non-bank financial intermediaries would substantially improve financial stability; (c) Given current regulations, non-bank financial intermediaries should not have access to central bank support
This Finance survey examines (a) The collapse of a major crypto intermediary will have little impact on the wider economy and the stability of the traditional financial system; (b) The collapse of a major crypto intermediary suggests the need for the crypto asset class to be more tightly regulated.
This week's European Economic Experts Panel statements:
A) Under a fixed exchange rate and fully liberalized capital flows, a country loses domestic control of monetary policy.
B) For emerging and developing economies open to the world capital market, a flexible exchange rate confers little advantage over a pegged exchange rate in terms of economic stability.
C) The key feature making the US a more natural optimum currency area than the euro area is higher labor mobility.
This week's US Economic Experts Panel statements:
A) In an economy open to capital flows, monetary policy can only be effective with a floating exchange rate.
B) For emerging and developing economies open to the world capital market, a flexible exchange rate confers little advantage over a pegged exchange rate in terms of economic stability.
C) The key feature making the US a more natural optimum currency area than the euro area is higher labor mobility.
This week's IGM European Economic Experts Panel Statement:
Britain’s Labour party recently proposed giving the Bank of England a target of 3% annual labor productivity growth. Consider the following statement:
Central banks cannot significantly increase productivity growth over a ten year horizon, except perhaps by promoting macroeconomic stability.
This week's IGM Economic Experts Panel statement:
Britain’s Labour party recently proposed giving the Bank of England a target of 3% annual labor productivity growth. Consider the following statement:
Central banks cannot significantly increase productivity growth over a ten year horizon, except perhaps by promoting macroeconomic stability.
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