A proposal for a Covid Credit Line It is in the interest of every EU member state that countries in the Union hit by the coronavirus are able to take the necessary measures to control the pandemic and deal with the economic consequences without being constrained, and to do so very quickly. This column proposes a Covid credit line in the European Stability Mechanism, with allocation across member
Abstract: An increasing body of empirical evidence has documented trends to risen concentration, profits, markups, and market power in many industries across the world since the 1980s. Several factors – such as globalisation, digitisation, the increased role of intangible assets and sunk costs, as well as M&A activity and the (under)enforcement of merger control– have been
Over recent decades, European societies have witnessed increasing social inequalities. Faced with more flexible labor markets, open trade, and technological as well as ongoing demographic changes, European welfare models have been unable to effectively address this issue. Recent developments such as the yellow vest movement in France and the rise of populist parties across Europe have renewed
We analyze self-selection of refugees and irregular migrants and test our theory in the context of the European refugee crisis. Using unique datasets from the International Organization for Migration and Gallup World Polls, we provide the first large-scale evidence on reasons to emigrate, and the self-selection and sorting of refugees and irregular migrants. Refugees and female irregular migrants
This paper uses data from the Migrant Samples of the German Socio-Economic Panel to study the fertility behaviour of women who migrated to Germany between 1990 and 2015. Special emphasis is placed on the large groups of migrants who have moved to Germany from Central and Eastern European (CEE) countries since the 1990s. We find that CEE migrants had higher first birth, but much lower second birth
We study the macroeconomic effects of unconventional monetary policy in the euro area using structural vector autoregressions, identified with external instruments. The instruments are based on the common unexpected variation in euro area sovereign yields for different maturities on policy announcement days. We first show that expansionary monetary surprises are effective at lowering public and
Understanding whether laws shape or simply reflect citizens’ attitudes is important but empirically difficult. We provide new evidence on this question by studying the relation between legal same-sex relationship recognition policies (SSRRPs) and attitudes toward sexual minorities in Europe. Using data from the European Social Surveys covering 2002–2016 and exploiting variation in the timing of
The European Commission’s Scoreboard of Macroeconomic Imbalances is a rare case of a publicly released early warning system. It was published first time in 2012 by the European Commission as a reaction to public debt crises in Europe. So far, the Macroeconomic Imbalance Procedure takes a one-size-fits-all approach with regard to the identification of thresholds. The experience of Central and
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