Value-added exchange rates
With the rise of complex, globalised supply chains is the real effective exchange rate (REER), the most commonly used measure of competitiveness, now outdated? If it is, what should replace it? This column presents a ‘Value-Added REER’ and shows that it differs substantially from the conventional REER. Because it is possible to construct a new Value-Added REER from existing data, policymakers interested in improving their understanding of competitiveness might well consider including it in their toolbox.
The midlife crisis in humans and other apes
Humans tend to go through midlife crises regardless of context. So too, it appears, do apes. This column draws on recent research showing apes’ midlives to be, like humans’, dogged by the same pattern of unhappiness.
Why do we see unilateral action on climate change?
In keeping with expectations, recent multilateral climate change talks in Doha have achieved very little. Yet, the good news is that unilateral action is on the up. This column argues that the existing literature explaining unilateral action on climate change by and large neglects the influence of lobbying. Recent research shows that the combined presence of national interests and increased lobbying pressure -- from both business groups and environmentalists -- may create much more scope for unilateral action than previously thought. Yes, getting a ‘broad and deep‘ international treaty remains difficult, but we can look forward to increased unilateral action on climate change, spurred on by lobby groups.
Jobs: The next piece of Africa’s growth jigsaw
Africa's recent growth is impressive, yet its rate of stable job creation is anything but. This column argues that Africa needs rapid growth in stable, wage-paying jobs in order to ensure future stable growth and prosperity. African governments must develop and implement targeted jobs strategies – which focus on labour-intensive, competitive industries – to get the most out Africa’s rapid economic emergence.
Why does finance matter for trade? Evidence from new data
What effect does trade finance have on international trade? This column uses new data to stress the importance of trade finance for international trade both in crisis and in non-crisis periods. The major policy lesson is that there must be high levels of market incentives for supplying trade credit, particularly during a period of ‘deleveraging’ of the financial system. That said, trade credit statistics could be vastly improved if we wish to continue comparing global trade finance transactions against global trade.
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Self-defeating austerity?
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CEPR Policy Research
- The Spatial Diffusion of TechnologyComin, Dmitriev, Rossi-Hansberg
- Do Prices Determine Vertical Integration? Evidence from Trade PolicyAlfaro, Conconi, Fadinger, Newman
- Germs, Social Networks and GrowthFogli, Veldkamp
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Events
- ECB-IMF Conference on Reforming EU Fiscal Governance13 - 14 December 2012 / European Central Bank in Frankfurt, Germany / European Central Bank and International Monetary Fund
- Modelling and Forecasting Inflation: Recent Approaches17 - 17 December 2012 / Henley Business School, University of Reading / Department of Economics, University of Reading
- 9th EBES Conference - Rome11 - 13 January 2013 / Rome, Italy / EBES (Eurasia Business and Economics Society)
- 2nd MoFiR Workshop on Banking7 - 8 March 2013 / Ancona (Italy) / Università Politecnica delle Marche and MoFiR
- International Conference on Understanding International Commodity Price Fluctuations20 - 21 March 2013 / IMF HQ, Washington, D.C. / International Monetary Fund
