This category contains 257 posts

Perché non bisogna fidarsi troppo delle svalutazioni competitive

prefazione a cura di Stefano Fugazzi (ABC Economics) – Nel novembre 2012 sulle pagine di Investire Oggi pubblicai un controverso articolo nel quale criticavo, a mio modo di vedere, l’eccessiva fiducia riposta, da parte di alcuni economisti e commentatori, nelle cosiddette “svalutazioni competitive”. Secondo questi, la semplice restaurazione della sovranità monetaria e la conseguente svalutazione fornirebbero ai … Continue reading

Fugazzi: 5 anni di divulgazione economica in 10 articoli

Carissimi amici lettori, Sebbene il sottoscritto abbia iniziato a commentare ed analizzare la crisi in corso nell’estate 2011, il mio primo articolo di un certo spessore “risale” – ed è il caso di dirlo – a quasi esattamente cinque anni fa quando per una rivista di nicchia rielaborai un modello sociologico, adattandolo al contesto macroeconomico … Continue reading

Causes and consequences of persistently low interest rates

Interest rates are at historic lows in advanced nations around the world and markets expect them to stay low for years. This column introduces the 17th CEPR-ICMB Geneva Report on the World Economy, “Low for Long? Causes and Consequences of Persistently Low Interest Rates”. Written by four world-renowned macroeconomists, the report suggests that real interest … Continue reading

Volkswagen investigation. A 2013 report anticipated the emission-fixing scandal

STEFANO FUGAZZI (ABC ECONOMICS) / The emission-fixing issue that has engulfed Volkswagen in the US could extend to other companies, one of the investigators involved in uncovering the scandal has told The Guardian newspaper. If confirmed, this would nonetheless be the “worst kept secret” in car manufacturing. In recent years a number of focus groups … Continue reading

Oil prices, inflation expectations, and monetary policy

An article originally appeared on VOXEU / The 2014 decline in oil prices lowered short-run inflation. Before the Global Crisis, the medium-term correlation between oil prices and inflation was weak, but it has become much stronger since the onset of the Crisis. This column suggests that following the onset of the Crisis, inflation expectations reacted … Continue reading

Monetary policy in a low growth, low interest rate environment

Speech by Mr Salvatore Rossi, Senior Deputy Governor of the Bank of Italy, at the “Roundtable on Monetary Policy in a Low Growth, Low Interest Rate Environment”, Istanbul Finance Summit, Istanbul, 8 September 2015. Source: BIS website The role of interest rates – short- or long-term, nominal or real – is pervasive in modern economies. … Continue reading

On the FED rate increase. Conceptual pitfalls and monetary policy errors

Hereafter an analysis by Andrew Levin originally published on 11 September 2015 on VOXEU regarding the FED’s monetary policy. As we know the Federal Reserve is on the verge of triggering the process of monetary policy tightening. In this article Professor Levin argues that the rationale for that policy judgement rests on faulty analytical assumptions about the labour market, inflation dynamics, … Continue reading

Central bank independence before and after the Great Recession

Hereafter we report on the findings of a research carried out by Donato Masciandaro (Professor of Economics and Chair in Economics of Financial Regulation at Bocconi University) and Davide Romelli (PhD candidate in Economics at ESSEC Business School and THEMA-University of Cergy-Pontoise) and published by VOXEU where the authors investigate how the central banks’  independence has evolved since the … Continue reading

10 Reasons Why The Market Is Going Lower

Article originally published by ZeroHedge / Blink and you missed it. With stocks surging back to green and CNBC celebrating, one could be forgiven (were on a goldfish) for believing everything is truly awesome again. However, as Deutsche Bank details, there are ten good reasons why this is far from over… As Deutsche’s David Bianco explains, … Continue reading

Collateral damage: Dollar strength and emerging markets’ growth

The strength of the US dollar can impact the economic activity in emerging economies in various ways. This column argues that appreciation of the dollar mitigates the impact of real GDP growth in emerging markets. The main transmission channel is through an income effect. As the dollar appreciates, commodity prices fall, depressing domestic demand via … Continue reading

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