Friday , October 15 2021
Home / Video

Blog Archives

The house price puzzle

Everybody knows that the housing market has become financialized, as Josh Ryan-Collins among others has documented. But what kind of financial asset is housing? The answer is far from straightforward. In one sense, house prices are like share prices. Both are claims upon future incomes – profits in the case of equities and wages in the case of houses (it’s fair to assume rents are a stable fraction of wages). Both tend to fall in recessions. And both have over the years delivered a risk...

Read More »

Tailoring prudential policy to bank size: the application of proportionality in the US and euro area

In-depth analysis prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON). This study was prepared for the European Parliament’s Committee on Economic and Monetary Affairs (ECON). The study is available on the European Parliament’s online database, ‘ThinkTank‘. Copyright remains with the European Parliament at all times. All jurisdictions tailor their prudential policies to bank size, with generally more complex – though not necessarily more stringent –...

Read More »

Global Economic Resilience: Building Forward Better

A roadmap for systemic economic reform calling for step-change in global economic governance to increase resilience and build forward better from economic shocks, prepared for the G7 Advisory Panel on Economic Resilience. This report summarises the work of the Independent G7 Economic Resilience Panel in 2021, and its final policy recommendations, based on engagement and research throughout the year. The Panel, chaired by Lord Mark Sedwill, has produced an agenda for economic resilience, the...

Read More »

Democratic backsliding has not (yet) united the populist radical right in the European Parliament

The European Union is currently facing the double challenge of the rise of radical right populism and the presence of democratic backsliding in several member states. Yet despite the overlap of actors engaged in both processes, Mihail Chiru and Natasha Wunsch show that democratic backsliding has not yet served as a catalyst for populist radical right cooperation inside the European Parliament. Instead, ideological divergences and institutional fragmentation still pose an obstacle to...

Read More »

ECB monetary policy and catch-up inflation

On 8 July 2021, the ECB issued its first Strategic Review since 2003.1 The new review systematises policy changes that have been adopted in the light of new economic challenges, such as slower productivity growth, globalisation, digitisation, climate change, the legacy of the 2008 financial crisis, and demographic changes. In addition to pursuing its traditional price stabilisation objectives, the ECB’s 2021 Strategic Review aims to tackle the broader issues of financial stability,...

Read More »

Ageing and the real interest rate in Japan

Japan’s labour force has been ageing rapidly. Since the early 1980s, the average age of its workforce has risen by roughly three years (Figure 1a). The level of the labour force had been falling between the late 1990s and the early 2010s (Figure 1b). At the same time, the Japanese economy has experienced a prolonged slowdown in growth and persistent declines in the real interest rate (Figure 2).  Figure 1 Average age and size of the labour force in Japan               Source:...

Read More »

Will ‘common prosperity’ address China’s inequality?

Check the previous editions of ZhōngHuá Mundus Sign up for the newsletter The concept of “common prosperity” has deep roots in the Chinese Communist Party. It was already used in the 1950s and the late 1970s under different leaderships. On August 17 2021, President Xi Jinping highlighted this concept again, calling for China to achieve “common prosperity”, seeking to narrow a yawning wealth gap that threatens the country’s economic ascent and the legitimacy of Communist Party rule. Since...

Read More »

The inconsistency in global strategic relations

All of this talk on strategic retrenchment and autonomy is the language of escalation, not of appeasement and collaboration. This piece was originally published in Kathimerini and is forthcoming in Helsingin Sanomat. “There’s a fundamental truth of the twenty-first century within each of our own countries and as a global community,” President Joe Biden told the United Nations on 21 September. “Our own success is bound up with others succeeding as well.” Biden’s actions however, seem to...

Read More »

Learning to love the technocrats again: Why the world needs expertise now more than ever

The last few decades have seen intense scrutiny of the role of experts in policymaking. Yet issues like climate change and the Covid-19 pandemic appear impossible to address without following scientific expertise. Jens Steffek argues humanity has little choice but to empower expert-led international organisations to tackle the challenges of the future. Populism has dealt a hard blow to international organisations and the European Union in particular. Populists of the right, but also a...

Read More »

Bias in news coverage during the 2016 US election

It is often said that a picture is worth a thousand words. The raising of the American flag over Iwo Jima. The lone man standing before the line of tanks in Tiananmen Square. The naked girl fleeing her burnt village during the Vietnam War. The celebratory kiss between a sailor and a nurse in Times Square at the end of WWII. These iconic pictures continue to shape public perceptions of major historical events. Put simply, visual information is more memorable and persuasive than...

Read More »