The impact of industrial robots on EU employment and wages: A local labour market approach

Francesco Chiacchio, Georgios Petropoulos, David Pichler. The authors of this working paper study the impact of industrial robots on employment and wages in six European Union countries, which make up 85.5 percent of the EU industrial robots market. In theory, robots can   […]

Income redistribution through taxes and transfers across OECD countries

Orsetta Causa, Mikkel Hermansen. This paper produces a comprehensive assessment of income redistribution to the working-age population, covering OECD countries over the last two decades. Redistribution is quantified as the relative reduction in market income inequality achieved by personal income   […]

EU financial services policy since 2007: crisis, responses and prospects

Nicolas Véron. This paper presents a holistic overview and assessment of the European Union (EU)’s financial services policy since the start of its financial crisis in mid-2007. Its emphasis is on public policy initiatives and developments at the European level,   […]

Convergence in the European Union: Inside and outside the euro

Daniel Gros The convergence process in Europe has bifurcated: the new member states (NMSs) from Central and Eastern Europe are catching up in terms of income per capita, as one would expect, with the initially poorer ones growing generally at   […]

The European Dimension of Regional and Cohesion Policies

Daniel Gros with Roberto Musmeci and Marta Pilati This contribution analyses the state of regional convergence within the European context. It finds that different country groups have had quite different experiences following the financial crisis and that in most cases there   […]

Structural reform waves and economic growth

Pasquale Marco Marrazzo, Alessio Terzi At a time of slow growth in several advanced and emerging countries, calls for more structural reforms are multiplying. However, estimations of the short- and medium-term impact of these reforms on GDP growth remain methodologically   […]

It’s Baaack, Twenty Years Later

Paul Krugman. The background: In the late 1990s some U.S.-based economists began to grow disturbed about the economic troubles facing Japan. The source of our unease wasn’t, to be honest, mainly concern for Japan per se, or even about the   […]

A cross-country database of fiscal space

Ayhan Kose, Sergio Kurlat, Franziska Ohnsorge, Naotaka Sugawara. This paper presents a comprehensive cross-country database of fiscal space, broadly defined as the availability of budgetary resources for a government to service its financial obligations. The database covers up to 200   […]

Monetary policy and household inequality

Miguel Ampudia, Dimitris Georgarakos, Jiri Slacalek, Oreste Tristiani, Philip Vermeulen, Giovanni L. Violante. This paper considers how monetary policy produces heterogeneous effects on euro area households, depending on the composition of their income and on the components of their wealth.   […]

A macro approach to international bank resolution

Dirk Schoenmaker. As regulators rush to strengthen banking supervision and implement bank resolution regimes, a macro approach to resolution is needed that considers both the contagion effects of bail-in and the continuing need for a fiscal backstop to the financial   […]