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| Featured Paper |
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Not Even That
Constitutionally dubious it may be, but the OMT did manage to calm the markets and bring down periphery government bond yields, its advocates are quick to point out. And, yes, it also restored the broken monetary policy transmission mechanism. Really? Look again, as a group of our researchers did. As it turns out, it may not be suitable even for that.
Other CESifo Working Papers
Working Paper Submission Form
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| The Original Sinn |
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Ouch |
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Outright Monetary Shenanigans
Germany's Constitutional Court did not exactly kill the OMT outright, but by asking the European Court of Justice to clarify a range of issues related to the ECB mandate and the OMT programme itself, it effectively endorsed the German plaintiffs' arguments and left the OMT on very shaky ground indeed. Hans-Werner Sinn was one of the expert witnesses who testified in front of the Constitutional Court when it started its deliberations. See what he now has to say about the CC ruling.
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| Economic Indicators |
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| From the Editor |
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Who? Me? |
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It's All Germany's Fault
Germany is not generous enough. Germany is imposing undue austerity on long-suffering crisis-afflicted countries. Germany's trade surpluses pose an intolerable burden on other EU countries — nay, on the world as a whole. Germany consumes too litle. Germany is too cheap. Germany, DO SOMETHING! That, in a nutshell, is the widespread feeling towards Germany prevalent among the countries most affected by the crisis, and not only. But if Germany were to "do something", what could that be? What can it realistically do?
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| The Chart |
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Minimum Wages in Europe
Now Germany has joined the crowd: it will roll out an across-the-board minimum wage in the coming years. At 8.5 euros per hour, how does it compare to the rates prevalent elsewhere in the developed world? An interesting DICE interactive chart shows relative levels and the evolution over the past decade or so. Check it out.
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| Outstanding Event |
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| People |
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| Ifo News |
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Ludger Woessmann |
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Ludger Woessmann Elected Member of Leopoldina
One of the oldest science academies in the world, Germany's Leopoldina National Academy of Sciences has just welcomed another Ifo researcher among its numbers, after adding Hans-Werner Sinn a couple of months ago.
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| Publications of Interest |
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| Bulletin Board |
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© 2013-2014 CESifo GmbH | Poschingerstr. 5, 81679 Munich, Germany
www.cesifo.org
All texts are the responsibility of the editor and do not necessarily represent the opinion of Ifo, CES or CESifo, or of the researchers mentioned |
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Published by CESifo GmbH, Poschingerstraße 5, 81679 Munich, Germany
Tel.: +49 (89) 9224-1425, Fax: +49 (89) 9224-1409
Editor: Julio C. Saavedra
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