Interview with Jean-Claude Trichet
The European Central Bank president and Minneapolis Fed President Gary Stern discuss ECB accomplishments and challenges, as well as issues of concern to both central banks.
The European debt crisis and U.S. economic growth
The recent strengthening of the correlations between U.S. GDP growth and that of Mexico, Canada, and Euro-19 validates further consideration of the performance of U.S. trade partners for growth.
What the euro crisis means for taxpayers and the U.S. economy
Testimony before the Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, Committee on Oversight and Government Reform, U.S. House of Representatives.
European union weathers crisis but faces difficult future
Cross-border banking on the two sides of the Atlantic: does it have an impact on bank crisis management?
In the United States and the European Union (EU), political incentives to oppose cross-border banking have been strong in spite of the measurable benefits to the real economy from breaking down geographic barriers. Even a federal-level supervisor and safety net are not by themselves sufficient to incentivizing cross-border banking although differences in the institutional set-up are reflected in the way the two areas responded to the crisis. The U.S. response was a coordinated response, and the cost of resolving banks was borne at the national level. Moreover, the Federal Deposit Insurance ...
Borders and business cycles
We document that business cycles of U.S. Census regions are substantially more synchronized than those of European Union countries, both over the past four decades and the past two decades. Data from regions within the four largest European countries confirm the presence of a European border effect ? within-country correlations are substantially larger than cross-country correlations. These results continue to hold after controlling for exogenous factors such as distance and size. We consider the role of four factors that have received a lot of attention in the debate about EMU: sectoral ...
Irregular immigration in the European Union
Unauthorized immigration is on the rise again in the EU. Although precise estimates are hard to come by, proximity to nations in turmoil and the promise of a better life have drawn hundreds of thousands of irregular migrants to the EU in 2014-2015. Further complicating the ongoing challenge is the confounding flow of humanitarian migrants, who are fleeing not for a job but for their lives. Those who flee for better economic conditions are irregular migrants, not humanitarian migrants, but the lines between the two are often blurred. This policy brief surveys the state of irregular immigration ...
Interview with Tommaso Padoa-Schioppa