Rapid current-account rebalancing in the southern Eurozone
Auer, Raphael. Recent data show that the current-account deficits of Greece, Italy, Spain, and Portugal have improved at a rapid pace and are actually close to being balanced. This column reviews recent research that shows this adjustment has been remarkably fast. Compared to mid-2008, these four nations have switched expenditures at a rate that is […]
Policy preferences of central bankers and the design of a monetary-policy committee
Eijffinger, Sylvester, Mahieu, Ronald & Raes, Louis. Debate about who should be on central-bank committees has resurfaced in recent years. Is it better to appoint experienced central bankers, financiers, NGO workers or civil servants? This column argues that variations in voting patterns change with career background. Evidence suggests that if central banks want a wide range of […]