Ανάρτηση Ερευνητικών Δοκιμίων no 10/23 και no 11/23

Ερευνητικό Δοκίμιο no 10/23 με τίτλο "Asymmetries in Post-War Monetary Arrangements in Europe: From Bretton Woods to the Euro Area" 
των Γεώργιου Αλογοσκούφη, Κωνσταντίνου Γκράβα και Laurent Jacque

Περίληψη
 

This paper provides a perspective on monetary cooperation in Europe, before and after the creation of the euro area (EA), focusing on macroeconomic and financial asymmetries among its member states. After surveying the evolution of EU macroeconomic and monetary arrangements and developments before and after the creation of the euro, and particularly the euro area crisis, we argue that economic and financial asymmetries have played a key role in post-war monetary arrangements in Europe. Such asymmetries have also characterized the euro area, which needs fundamental fiscal, financial and labor market reforms in order to operate more efficiently as an optimum currency area. Two key reforms would be a common EA budget of sufficient size, which would help smooth out the asymmetric impact of macroeconomic shocks through the operation of automatic fiscal stabilizers and the explicit recognition of the ECB as a lender of last resort in times of crisis

Ο Γεώργιος Αλογοσκούφης είναι Καθηγητής στο τμήμα Οικονομικής Επιστήμης του Οικονομικού Πανεπιστημίου Αθηνών, ο Κωνσταντίνος Γκράβας είναι Ακαδημαϊκός Υπότροφος του Οικονομικού Πανεπιστημίου Αθηνών στο Τμήμα Οικονομικής Επιστήμης και ο Laurent Jacque είναι Kαθηγητής στο Tufts University, Fletcher School of Law and Diplomacy.

Ερευνητικό Δοκίμιο no 11/23 με τίτλο "Unanticipated Inflation, Unemployment Persistence and the New Keynesian Phillips Curve" 
των Γεώργιου Αλογοσκούφη και Στέλιου Γιαννουλάκη

Περίληψη
 

This paper puts forward an analytically tractable dynamic stochastic general equilibrium model, with both labor and product market frictions. Frictions in the labor market arise from the power of labor market insiders to periodically pre-set nominal wages, without full current infor- mation. Product market frictions arise from monopolistic competition and staggered pricing. The model results in a dynamic expectations-augmented New Keynesian Phillips Curve (DEANKPC) that transcends the main limitations of the benchmark and hybrid NKPCs based on staggered pricing, as: (i) it is expressed in terms of unanticipated inflation since current inflation depends on prior expectations about its level; (ii) unemployment (output) and inflation persistence are endogenous; and (iii) the divine coincidence between the stabilization of inflation and employment (output) does not apply, rendering a Taylor-type interest rate rule optimal. We evaluate the dy- namic properties of the model and the empirical validity of the DEANKPC, in comparison with those of the benchmark NK model, through a simulation exercise and an empirical application for the Euro Area. 
 

Ο Γεώργιος Αλογοσκούφης είναι Καθηγητής στο τμήμα Οικονομικής Επιστήμης του Οικονομικού Πανεπιστημίου Αθηνών, ο Στέλιος Γιαννουλάκης είναι μέλος της Μονάδας Εμπειρογνωμόνων σε θέματα Απασχόλησης, Κοινωνικών Ασφαλίσεων, Πρόνοιας και Κοινωνικών Υποθέσεων - Υπουργείο Εργασίας και Κοινωνικών Υποθέσεων.