maandag 31 augustus 2009
La Belgique est le dernier bastion de l'indexation des salaires sur les prix
Lisez l'article complet dans Le Monde ici.
New Poll Finds Most Americans Continue To Support Moving Ahead With Health Care Reform Now
Read Kaiser's Health Tracking here.
Central banks can adapt to life below zero
The zero lower bound is one of the great myths of monetary economics. It is the statement that interest rates cannot fall below zero, for otherwise people would hoard cash. Generations of central bankers have treated it as the equivalent of zero degrees Kelvin, the lowest theoretically possible temperature. ....
Read the full article here.
Financiële sector: waar staan we een jaar later?
Wij zijn intussen al twee jaar na de start van de financiële crisis. Vandaag is er een enorme puinhoop van financiële verliezen, ontspoorde staatsfinanciën en ontwrichte balansen. Maar er is recent ook een sfeertje ontstaan. De markten beginnen hun gewoonten weer op te pikken. Banken draaien een bladzijde om. Men wil de oude gewoonten weer oppakken.
Lees het artikel hier.
vrijdag 28 augustus 2009
Pourquoi Obama reconduit Bernanke à la tête de la Fed
Ben Bernanke, nommé président de la Federal Reserve par George W. Bush, ne partait pas gagnant avec le nouveau président US. Barack Obama l'a pourtant reconduit pour un nouveau mandat de quatre ans. Portrait de cette figure-clé de l'économie américaine, en 3 forces et 3 faiblesses.
Lisez l'article complet ici.
Ecole de la réussite: compétence non acquise!
Lettre ouverte à nos représentants politiques, aux représentants des parents, aux organisations syndicales des enseignants, à la presse, à quiconque se soucie de l'avenir de l'école.
Lisez l'article complet ici.
donderdag 27 augustus 2009
How Obesity Policies are Failing in America
Adult obesity rates increased in 23 states and did not decrease in a single state in the past year, according to F as in Fat: How Obesity Policies Are Failing in America 2009, a report released today by the Trust for America's Health (TFAH) and the Robert Wood Johnson Foundation (RWJF). In addition, the percentage of obese or overweight children is at or above 30 percent in 30 states.
Read the complete article here.
Congress’s Health Care Numbers Don’t Add Up
New research finds congressional budget office has underestimated savings and overestimated costs from health policy changes.
Read this article from the NYT here.
The timing of fiscal interventions: Don’t do tomorrow what you can do today
The composition and timing of the fiscal stimulus is a major concern for policymakers. This column presents research showing that anticipated tax cuts result in reduced economy activity before they take effect. During the current downturn, that constitutes a strong argument against stimulus policies that phase in tax cuts over time.
Read the full article here.
'Artificial trees' to cut carbon
Engineers say a forest of 100,000 "artificial trees" could be deployed within 10 to 20 years to help soak up the world's carbon emissions.
Read the full article here.
Waiting for the low carbon revolution
The low-carbon revolution is not going to happen by itself, says Andrew Pendleton. In this week's Green Room, he calls on governments put the necessary frameworks in place that will allow the private sector to roll out the technologies needed to deliver the ambitious cuts in emissions.
Read A. Pendleton's opinion here.
Competition builds trust
Recent research argues that culture affects economic outcomes. Do markets instil cultural values that support good outcomes? This column provides evidence that more competitive markets raise employees’ trust levels. That suggests that competitive markets build the values that support them.
Read the complete article here.
Inégalités sociales de santé en Belgique: des chiffres indéniables. Observations à l'aide de données mutualistes.
Pour lire ce rapport, consultez la Revue belge de la Sécurité Sociale (1e trimestre 2009) - page 145- ici.
woensdag 26 augustus 2009
Gauging by numbers: a first attempt to measure the quality of public finances in the EU
Ensuring high quality of public finances (QPF) with a view to supporting long-term economic growth has gained new urgency as the room for fiscal manoeuvre has shrunk in light of the current crisis.To more systematically analyse QPF and compare developments across countries and over time, a greater focus on identifying and developing comparable QPF indicators is needed. This paper provides a first attempt in this respect. Based on the view that QPF is a multi-dimensional concept, it creates composite indicators for twelve areas of public finances that are linked to long-term economic growth. While the proposed alternative calculation methods yield relatively robust results and findings are in line with conventional wisdom, due to data problems the composite indicators should only be seen as a useful starting point for identifying a country's main strengths and weaknesses in QPF. This would need to be complemented by qualitative analysis that also accounts for country and other specificities.
Read this report from the EC here.
The EU's response to support the real economy during the economic crisis: an overview of Member States' recovery measures
This paper provides a preliminary assessment of the adequacy of Member States' recovery plans supporting the real economy - labour markets and vulnerable groups; investment; and businesses (but not financial sector support measures). It looks in particular at the time-consistency of the short-term measures designed to avert major dislocations of economic activity and assesses the compatibility of the short-term crisis response with the European Union's long-term policy objectives under the Lisbon strategy. The main finding is that the European Union's response to the crisis is strong and, at the current juncture, appears adequate and that measures being pursued under Member States' recovery plans are for the most part in line with the principles and guidelines enunciated in the European Economic Recovery Plan.
Read this report from the EC, Economic and Financial Affairs, here.
dinsdag 25 augustus 2009
U, V or W for recovery
The world economy has stopped shrinking. That’s the end of the good news. Read the complete article in The Economist here.
Tevredenheid over gezondheidsvoorzieningen
Hoe percipiëren de Nederlandstaligen in België de kwaliteit, de beschikbaarheid en toegankelijkheid van de gezondheidsvoorzieningen in ons land? Traditioneel worden aan de (Belgische) gezondheidszorg een aantal sterke troeven toegeschreven zoals de hoge dekkingsgraad van de bevolking door de verplichte ziekteverzekering, de vrije keuze van de patiënt en de vlotte toegang tot het gezondheidssysteem. Uit de analyse zal moeten blijken of de respondenten dit gezondheidssysteem positief evalueren. Hoe positioneert de Vlaamse Gemeenschap zich ten aanzien van andere EU-lidstaten?
Lees het volledige rapport hier.
Why this new crisis needs a new paradigm of economic thought
Do the US and Europe risk repeating Japan’s lost decade? This column warns that if the US or European financial clean-ups falter, they will be vulnerable to recurring financial crises. It argues that macroeconomic models should not treat finance as an innocuous veil and calls for a new approach that places financial intermediaries at the centre of its models.
Read the full article here.
maandag 24 augustus 2009
De sterkste schouders kreunen
Uiteraard moeten de sterkste schouders de grootste lasten dragen. Maar sommige uitspraken gaan voorbij aan de huidige realiteit. In 2005 schreef ik in een column in Trends (zie onderaan) al een bijdrage over deze situatie. Daarin toonde ik ook de vergelijking tussen België en Nederland. Beide landen hebben het zogenaamde Rijnlandmodel nagestreefd, en zijn qua grootte en economische welstand vrij goed te vergelijken....
Lees de opinie van G. Noels op Econoshock hier.
Lees de opinie van G. Noels op Econoshock hier.
ACV = Algehele Collectivisering van Vlaanderen?
“Het is van groot belang dat we de progressiviteit in de belastingen opnieuw gaan herstellen. Dat principe is in de voorbije jaren stelselmatig afgebouwd. Terwijl het toch vanzelfsprekend is dat de sterkste schouders de grootste lasten moeten dragen,’ zegt ACV-voorzitter Luc Cortebeeck in een interview met De Standaard.
Lees de opinie van G. Noels op Econoshock hier.
Thomas Philippon : "Taxons les activités bancaires les plus risquées pour le secteur financier"
A la suite des derniers rebondissements sur les scandales des bonus dans les banques, tout juste sauvées de la crise, Christine Lagarde, la ministre de l'économie, a décidé de convoquer, lundi 24 août, les dirigeants de banques françaises et des autorités de tutelle (Commission bancaire, Banque de France) pour mettre au point des règles destinées à faire cesser "la course à l'échalote aux bonus". Ces propositions seront à l'ordre du jour d'une deuxième réunion qui se tiendra le lendemain à l'Elysée.
Lisez l'article complet ici.
vrijdag 21 augustus 2009
En Emilie-Romagne, les banques entreposent dans un "Fort Knox" les meules de parmesan en dépôt de garantie
Dans la région d'Emilie-Romagne, patrie du parmesan, les deux entrepôts des Magazzini Generali della Tagliata (MGT), propriété de la banque Credem (Credito Emiliano), qui viennent d'être modernisés avec l'installation d'un système photovoltaïque, sont connus sous le nom de "Fort Knox". Mais à la place de l'or, des liasses de billets ou des oeuvres d'art que l'on trouve habituellement dans les coffres-forts, ils recèlent du parmesan.
Lisez la suite de l'article dans Le Monde ici.
Does Economic Success Require Democracy?
Sadly, no. In fact, the politically unfree countries are enjoying more economic growth than the politically free ones. Kevin Hassett tells you why here (piece published in The American).
donderdag 20 augustus 2009
Notable & Quotable
Rose Friedman writing with her husband Milton on economic and political freedom. Read the column here.
woensdag 19 augustus 2009
L'échec de l'évaluation des ministres, ou les limites de la culture du résultat, par Philippe Dobler et Olivier Saulpic
L'évaluation est aujourd'hui au coeur des réformes en cours, notamment dans les hôpitaux, les universités et de nombreuses administrations (mais aussi d'évolutions dans les entreprises). On ne sait pas bien ce que recouvre le terme de "culture de résultat" qui sous-tend ces réformes, mais il semble légitimer des pratiques d'évaluation des individus sur la base d'un nombre le plus réduit possible d'indicateurs chiffrés, diffusés largement selon un principe de transparence et associées à des systèmes formels de sanction-récompense que l'on souhaite le plus objectif possible....
Lisez la suite de l'article dans Le Monde ici.
ObamaCare Is All About Rationing
Overspending is far preferable to artificially limiting the availability of new procedures and technologies.
Read Harvard's Martin Feldstein opines on the President's health reform efforts here.
International trade in used vehicles as an “alternative” cash for clunkers programme: Evidence from NAFTA
Under the US “cash for clunkers” programme, billions of dollars are being allocated to pay drivers to purchase a new vehicle and scrap their old automobile. This column says the programme will reduce international trade in used cars, which significantly benefits consumers in developing economies. Such trade also increases the average emission efficiency of automobiles in both the US and developing nations, which raises the possibility that “cash for clunkers” might raise global emissions.
Read the complete article here.
dinsdag 18 augustus 2009
Migratie en Integratie en godsdienst???
Het stond in de krant. De taliban in Afghanistan heeft ervoor gezorgd dat vrouwen nu ook geen eten meer krijgen als zij geen sex met hun man uiteraard en niet vriend of samenwonenende partner willen ...woordloos ben ik!
maandag 17 augustus 2009
What to Do About Pre-existing Conditions
Most Americans worry about health coverage if they lose their job and get sick. There is a market solution.
Read J.H. Cochrane's column here.
US: Health Care’s Taxing Problem
Mainstream economists generally agree that current U.S. tax policy for health insurance is fundamentally irrational, regressive, and ultimately destructive. Fixing this system should be one of Congress's top priorities when it comes to health reform. Sadly, the current Congressional health-reform proposals would leave the worst feature of the current system in place and make a bad situation worse...
Read the article here.
France: carrières incomplètes et retraites
Pour consulter l'étude du Centre français d'études de l'emploi, cliquez ici.
Le dangereux paradoxe de la politique économique chinoise
Des problématiques propres à la Chine poussent le cours du pétrole à la hausse sur le marché mondial. En ce moment, l'empire du Milieu achète et produit plus de brut qu'il ne lui en faut, l'objectif étant, entre autres, de maintenir l'emploi dans le secteur du raffinage. Parce qu'elles veulent s'épargner les répercussions politiques et sociales du chômage, les autorités chinoises créent la tension sur le marché des matières premières. ...
Pour lire la suite de l'article, cliquez ici.
vrijdag 14 augustus 2009
US: Restriction or Legalization? Measuring the Economic Benefits of Immigration Reform
By the latest estimates, 8.3 million workers in the United States are illegal immigrants. Proposed policy responses range from more restrictive border and workplace enforcement to legalization of workers who are already here and the admission of new workers through a temporary visa program. Policy choices made by Congress and the president could have a major economic impact on the welfare of U.S. households. This study uses the U.S. Applied General Equilibrium model that has been developed for the U.S. International Trade Commission and other U.S. government agencies to estimate the welfare impact of seven different scenarios, which include increased enforcement at the border and in the workplace, and several different legalization options, including a visa program that allows more low-skilled workers to enter the U.S. workforce legally.
For each scenario, the USAGE model weighs the impact on such factors as public revenues and expenditures, the occupational mix and total employment of U.S. workers, the amount of capital owned by U.S. households, and price levels for imports and exports. This study finds that increased enforcement and reduced low-skilled immigration have a significant negative impact on the income of U.S. households. Modest savings in public expenditures would be more than offset by losses in economic output and job opportunities for more skilled American workers. A policy that reduces the number of low-skilled immigrant workers by 28.6 percent compared to projected levels would reduce U.S. household welfare by about 0.5 percent, or $80 billion.
In contrast, legalization of low-skilled immigrant workers would yield significant income gains for American workers and households. Legalization would eliminate smugglers’ fees and other costs faced by illegal immigrants. It would also allow immigrants to have higher productivity and create more openings for Americans in higherskilled occupations. The positive impact for U.S. households of legalization under an optimal visa tax would be 1.27 percent of GDP or $180 billion.
To read the report, click here.
Side-by-side comparison of major HC reform proposals
Read the Kaiser Family Foundation comparison here.
America's Affordable Health Choices Act of 2009
Now that's what I call a democratic debate: read America's Affordable Health Choices Act of 2009 here, and leave comments!
Obama’s Health Care Reform Proposal - Summary
Read the Kaiser Family Foundation's summary on Obama's Healthcare reform here.
Simple explanations for global financial instability and the cure: Keep it simple
Why is there so much disagreement about the causes of the crisis? This column says that lax monetary policy and excessive leverage are to blame. It argues that many alleged causes are simply symptoms of these policy errors. If that is correct, then the recommended corrective is remarkably simple – there is no need for intrusive regulatory measures constraining non-bank intermediaries and innovative financial instruments.
Read this column here.
donderdag 13 augustus 2009
Low Life Expectancy in the United States: Is the Health Care System at Fault?
Life expectancy in the United States fares poorly in international comparisons, primarily because of high mortality rates above age 50. Its low ranking is often blamed on a poor performance by the health care system rather than on behavioral or social factors. This paper presents evidence on the relative performance of the US health care system using death avoidance as the sole criterion. We find that, by standards of OECD countries, the US does well in terms of screening for cancer, survival rates from cancer, survival rates after heart attacks and strokes, and medication of individuals with high levels of blood pressure or cholesterol. We consider in greater depth mortality from prostate cancer and breast cancer, diseases for which effective methods of identification and treatment have been developed and where behavioral factors do not play a dominant role. We show that the US has had significantly faster declines in mortality from these two diseases than comparison countries. We conclude that the low longevity ranking of the United States is not likely to be a result of a poorly functioning health care system.
Read the full report here.
Health 2.0 could shock the system
The internet is changing people’s expectations of what they have a right to know and say. Doctors are horrified that they could be chosen in the same way someone would choose a restaurant – but why not? asks Esther Dyson.
Read the full article here.
Islam and heresy - Where freedom is still at stake
Read the complete opinion article in The Economist here.
Generic drugs and competition - Something rotten
Read the complete opinion article in The Economist here.
Simple explanations for global financial instability and the cure: Keep it simple
Why is there so much disagreement about the causes of the crisis? This column says that lax monetary policy and excessive leverage are to blame. It argues that many alleged causes are simply symptoms of these policy errors. If that is correct, then the recommended corrective is remarkably simple – there is no need for intrusive regulatory measures constraining non-bank intermediaries and innovative financial instruments. Read the complete column here.
Something rotten
Regulators should put a stop to tactics that delay the introduction of generic drugs.
Read this article from The Economist here.
Economists, economics, and the crisis
This column outlines tough questions about economics and economists raised by the global crisis.
Read the full article here.
woensdag 12 augustus 2009
Will they sing the same tune? Measuring convergence in the new European system of financial supervisors
Read the CEPR Policy Insight here.
Germany’s new fiscal rule: A responsible approach to fiscal sustainability
Though Germany’s 2006 new fiscal rule was designed as a discipline to achieve fiscal sustainability, it could be a valuable “exit” mechanism from the crisis-linked build-up of public debt. Contradicting criticisms of the new rules as too constricting, this column argues there are few constraints on the ongoing counter-cyclical fiscal policy, and provisions allow for future flexibility. Ironically, the more serious risk is that the flexibility could weaken implementation.
Read the full article here.
The Laffer Curve: Understanding the Relationship Between Tax Rates, Taxable Income, and Tax Revenue
The Laffer Curve shows the relationship between tax rates and tax revenues, with the insight that taxable income is not predetermined. The Laffer Curve is best known for demonstrating that, at a certain point, higher tax rates fail to produce more revenue, but the key insight is the much more modest point that changes in tax rates cause changes in taxable income, which leads to some level of revenue feedback. Politicians on both sides often exaggerate, with Republicans sometimes arguing that the Laffer Curve means that "all tax cuts pay for themselves." Some Democrats, by contrast, argue that tax policy has no impact on economic performance. This paper uses real world evidence to demonstrate that certain tax cuts can have a positive impact on economic performance and that "supply-side" tax cuts therefore do not "cost" the government much in terms of foregone tax revenue. This paper further explains how the Joint Committee on Taxation's revenue-estimating process is based on the untenable theory that changes in tax policy - even dramatic reforms such as a flat tax - do not effect economic growth. In other words, the current system assumes the tax rates have no impact on taxable income. Because of congressional budget rules, this leads to a bias for tax increases and against tax cuts. This paper explains that "static scoring" should be replaced with "dynamic scoring."
Read the paper here.
Les leçons de la crise financière n'ont pas été retenues
Lorsque la bombe des subprimes a éclaté aux Etats-Unis en août 2007, peu d'économistes se sont inquiétés des répercussions hors du secteur de la finance. Leurs modèles intégraient peu de variables financières. Il y avait toujours de riches investisseurs pour aider les établissements bancaires, les banques centrales et soutenir les marchés. ...
Lisez la suite de l'article ici.
dinsdag 11 augustus 2009
Interventionnisme conservateur
A ce stade de la lutte mondiale contre la dépression, les mesures prises par les banques centrales, Trésors publics et gouvernements apparaissent très conservatrices. Presque tout ce qui a été fait - augmentation des dépenses, baisse des impôts, recapitalisation des banques, achat des actifs à risque, opérations sur les marchés et mesures destinées à augmenter la liquidité - correspond à une politique qui date de presque deux siècles, au début de la révolution industrielle.
Pour lire la suite de l'article, cliquez ici.
maandag 10 augustus 2009
ICN: comptes nationaux trimestriels 2009-01
Consultez ici le rapport de l'Institut des Comptes Nationaux reprenant des données sur le PIB et l'emploi en Belgique pour le premier trimestre 2009.
Man vs. Mutt
In the last few years, I have had the opportunity to compare the human and veterinary health services of Great Britain, and on the whole it is better to be a dog.
Read the full article here.
Jobs paradox?
Some readers have asked how it’s possible for unemployment to fall when the economy is still losing jobs, albeit at a slower rate. The answer is a bit annoying. ...
Read Krugman's column here.
Insurance against systemic crises: The real contract between society and banks
The crisis is a brutal reminder of the fragility of banks. This column suggests that managers of large banks be obliged to purchase insurance against systemic crises. This would create incentives for them to be concerned about the stability of the banking system as a whole.
Read the full column here.
Does creditor protection mitigate the likelihood of financial crises and their effect on the stock market?
Finding reliable indicators that predict the likelihood and severity of crises across countries has been a frustrating quest for economists. This column suggests that countries with better creditor protection suffer less when a crisis hits.
Read the full column here.
Ten pointers on how to think like a German
Germany approaches national elections next month having suffered its worst recession since the second world war. Until recently, the scale of its economic contraction – almost 4 per cent in the first three months of this year – would have been inconceivable for such an advanced, politically stable industrial nation.
Yet it has been hard to sense an acute crisis. Living in Germany in the late 1990s, when the country was suffering its post-unification hangover, there was more self-reproach and debate about its economic model. The lesson of the current crisis is that however much the world’s economies have converged, Germany ticks differently.
Here are 10 surprising aspects of the German economy and economic thought that together could explain why the Teutons are toughing it out.
First, Germany might beat the UK and US in escaping from recession. As global prospects brighten, its export-led economy is firing up. Industrial orders – which lie close to the German soul – are up 13 per cent since February. June export and industrial production data on Friday even left open a possibility that second-quarter growth figures this week could be positive.
Jörg Krämer, chief economist at Commerzbank and previously one of the great German gloomsters, reckons gross domestic product could grow by as much as 1 per cent in the current quarter. If you are American, and prefer bigger-looking annualised numbers, that would be a 4 per cent rise. True, Germany’s fortunes hang on the world outlook; Mr Krämer expects only a “mini-V” shaped recovery, with growth remaining “anaemic” longer term. But anything other than weakly positive growth would diverge from the trend over the past decade.
Second, consumers have been unfairly maligned. Germany has long consumed too little, while investing heavily and running large trade surpluses, thus contributing to global economic imbalances. So since the start of the crisis, Berlin has been berated internationally for not doing enough to boost domestic demand. In fact, consumer spending rose by 0.5 per cent in the first quarter – the most since mid-2007 – thanks largely to government incentives for new car sales, and stable employment. Goldman Sachs reckons consumer spending rose 0.2 per cent in the second quarter, while the US had a 0.3 per cent fall.
Third, Berlin still doesn’t get it. Economists rubbed their eyes in disbelief at the May interview in Die Zeit with Peer Steinbrück, finance minister, in which he apparently forgot about the notoriously conservative shopping habits of his compatriots, to complain that “as a society we have, compared to what we have produced, consumed too much and invested too little”.
Fourth, unemployment has actually fallen since April in eastern Germany, which is less export-dependent than the country overall. Joblessness there is still unforgivably high, and nobody expects the downward trend to last. But the fall shows jobs are not being shed as rapidly as in previous recessions, thanks largely to government-funded short-time working schemes.
Five, politicians still think they can create jobs just by announcing targets. Frank-Walter Steinmeier, the Social Democratic challenger in September’s elections, pledged last week to create 4m jobs by 2020. Perhaps he had forgotten how worthless similar pledges by former chancellors Helmut Kohl and Gerhard Schröder eventually proved.
Six, the housing market, which has been flat for a decade, is stirring. The latest Bundesbank bank lending survey showed demand for home loans recovering much faster than in the eurozone as a whole. Young Germans see this is a good time to lock in at low interest rates. Or maybe, disheartened by financial assets, they are turning to bricks and mortar to save for their old age.
Seven, in spite of everything, relying on exports and trade surpluses is still widely seen as the only option for a rapidly ageing society. Germany’s birth rate fell to just 8.2 per 1,000 population last year, the lowest in the European Union. Politicians fret about a rising phobia towards children, as shown in complaints about noisy kindergartens in residential areas. “Society has to an extent fallen out of the habit of thinking of the needs of children – because, quite simply, there are not so many of them,” a Social Democrat social policy spokesman told a local newspaper recently.
Eight, Germans might not be as worried about future inflation as popularly supposed. An FT/Harris poll last month showed that people in the US were more worried that actions by governments and central banks would trigger short-term inflation.
Nine, Germans’ holidays remain inviolable. The same FT poll showed that just 9 per cent would reduce their holiday budget this year.
Ten, German beer sales may be tumbling because of the crisis – sales in the first half of 2009 were the lowest since reunification – but organisers of Munich’s Oktoberfest say hotel bookings are in line with previous years. The beer festival will be in full flow as the country votes on September 27. It takes more than a global crisis to stop Germans putting on traditional dress and dancing on the table.
FT, Augustus 10 2009
vrijdag 7 augustus 2009
Financial liberalisation and democracy: The role of reform reversals
Will the current crisis reverse the past two decades of democratisation and financial liberalisation? This column documents the complex, non-linear relationship between political and financial reform. Financial liberalisation often reverses as countries move from autocracy to democracy, as “partial democracies” are less liberalised, and there are big differences between de jure and de facto liberalisation.
Read the full article here.
Global imbalances have grown further
The necessary “global rebalancing” has not even begun. This is a prerequisite to prevent a new global crisis in the future. ...
Lees het volledige artikel hier.
De Belgische economie herleeft! (of toch niet?)
De discussie vandaag gaat vooral over het feit of de Belgische economie al dan niet aan het heropleven is. Het korte antwoord daarop is dat de verslechtering van de afgelopen maanden gestopt is. En dat er hoop is dat de situatie de volgende maanden zal verbeteren. ....
Lees het volledige artikel hier.
China: bogus boom?
To read this Economic Outlook from the American Entreprise Institute for Public Policy Research, click here.
Hospitalisation à domicile : l'étude de la Drees
Poussée par les pouvoirs publics, appréciée des patients, l'hospitalisation à domicile se développe à un rythme soutenu. Le nombre de places disponibles a été multiplié par 1,7 entre 2000 et 2006, selon une étude de la Drees.
Pour consulter l'étude, cliquez ici.
woensdag 5 augustus 2009
dinsdag 4 augustus 2009
The German fiscal stimulus in perspective
The German authorities faced a chorus of criticism for responding slowly to the crisis. This column says that their delayed stimulus package could and should have been bigger and better. Nonetheless, the Germans deserve commendation for putting the package on solid footing by a new rule regarding fiscal sustainability.
Read the article here.
Labour market institutions and income inequality
The recent debate on trends in inequality in industrial countries has been marred by the lack of consensus about the relevant concept of inequality. Labour economists are concerned with inequality in earnings, macroeconomists with movements in the wage share, while policy-makers tend to focus on household income inequality. We provide a unifying framework to study the relationship between these three concepts of inequality and the way in which labour market institutions affect them. Institutions emerge as a key determinant of inequality, yet they play different roles depending on the extent to which they complement or substitute each other. As a result, we are able to propose a set of inequality minimizing institutions. Institutions that decrease inequality are, however, associated with higher unemployment, and our analysis allows us to quantify the magnitude of this trade-off.
Read the report here.
maandag 3 augustus 2009
How a Little Inflation Could Help a Lot
BECAUSE fiscal stimulus has not yet been a striking success, perhaps it’s time to consider new monetary remedies for the economy.
Read the article here.
Could an early warning system have predicted the crisis?
The 2008 global financial crisis has led to renewed calls for “early warning models” to reduce the risks of future crises. But this column says that few of the characteristics suggested as potential causes of the crisis actually help predict the intensity and severity of the crisis across countries. That bodes poorly for the performance of future early warning models.
Read the article here.
How Latin American banks are performing in the crisis
Although the economic slowdown has indirectly affected the region’s banks, they will probably remain profitable and well capitalized.
Read the article here.
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