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Geschichte 1450-1525 --- Europa --- Europa --- Westeuropa --- (Produktform)Electronic book text --- Wirtschafts- und Sozialgeschichte --- Geschichte --- Deflation --- Devaluation --- Rebellion --- (VLB-WN)9550

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While inflation differentials in a monetary union can be benign, reflecting a catch-up process, or an adjustment mechanism to asymmetric shocks or different business cycles, they may also indicate distortions related to inefficiencies in domestic product and labor markets that amplify or make more persistent the impact of shocks on inflation. The paper examines the determinants of inflation differentials in the euro area, with emphasis on the role of country specific labor and product market institutions. The analysis uses a traditional backward-looking Phillips curve equation and augments it to explore the role of collective bargaining systems, union density, employment protection, and product market regulation. The model is estimated over a panel dataset of 10 euro area countries over the period 1983-2007. Results show that high employment protection, intermediate coordination of collective bargaining, and high union density increase the persistence of inflation. Oil and raw materials price shocks are also more likely to be accommodated by wage increases when the degree of coordination in collective bargaining is intermediate. These results are robust to different estimation methods, model specifications, and outliers. The paper suggests that reforming labor market institutions may improve the functioning of the euro area by reducing the risk of persistent inflation differentials.

Inflation (Finance) --- Labor market --- Finance --- Natural rate of unemployment --- Econometric models. --- Inflation --- Labor --- Production and Operations Management --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Open Economy Macroeconomics --- Price Level --- Deflation --- Macroeconomics: Production --- Labor Contracts --- Particular Labor Markets: General --- Macroeconomics --- Labour --- income economics --- Output gap --- Employment protection --- Labor market institutions --- Inflation persistence --- Prices --- Production --- Economic theory --- Manpower policy --- Greece

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This selected issues paper on Iceland reports that since mid-2009, Iceland has undergone a heavily frontloaded fiscal consolidation program to bring government finances to a sustainable level. To maintain the adjustment gains achieved during the last 2½ years, the authorities have started drafting a new organic budget law, which would codify recent reforms in the budget framework and introduce principles for fiscal policymaking. Iceland’s economy is exposed to adverse shocks. The external outlook continues to pose challenges, as key trading partners face weak growth prospects.

Iceland --- Economic conditions. --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Production and Operations Management --- National Government Expenditures and Related Policies: General --- Fiscal Policy --- Price Level --- Deflation --- Monetary Policy --- Macroeconomics: Production --- Public finance & taxation --- Monetary economics --- Currency --- Foreign exchange --- Expenditure --- Inflation targeting --- Fiscal stance --- Fiscal policy --- Prices --- Monetary policy --- Output gap --- Production --- Expenditures, Public --- Economic theory

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En distribuant des moustiquaires pour combattre le paludisme, en construisant des écoles, ou bien encore en offrant un assainissement de base, la philanthropie aide à transformer le monde en développement. De riches donateurs consacrent des fortunes — souvent bâties dans les logiciels, le spectacle ou le capital-risque — pour vaincre la pauvreté et promouvoir le bien-être, servant d’appoint à l’aide publique, ou parfois même la dépassant. De Bill et Melinda Gates et Warren Buffett à Aliko Dangote et George Soros, les titans du capitalisme financent de nobles causes. Qu’il s’agisse de créer de nouveaux vaccins, de construire des bibliothèques ou de protéger la forêt amazonienne, les philanthropes appuient l’innovation sous toutes ses formes pour améliorer les conditions de vie et nourrir les aspirations. Ce numéro de F&D examine le monde de la philanthropie ciblée et de l’entreprenariat social. «La philanthropie a un rôle d’amorçage», déclare Bill Gates, le cofondateur de Microsoft, et le plus généreux donateur de la planète. «La fondation s’efforce de mettre en place un système qui permette aux forces du marché d’œuvrer en faveur des pauvres». Selon lui, l’effet de catalyse de la philanthropie peut être déterminant. «Les bonnes idées ont besoin d’apôtres et les laissés-pour-compte de défenseurs». L’ex-président Bill Clinton explique que les réseaux de coopération créative entre les États, les entreprises et la société civile peuvent mieux réussir à résoudre les problèmes les plus pressants de la planète. Prakash Loungani brosse le portrait de l’économiste superstar Jeffrey Sachs, champion de l’allègement de la dette et des objectifs du Millénaire pour le développement. Nous examinons en quoi les pays pauvres peuvent avoir intérêt à distribuer une partie des recettes exceptionnelles qu'ils tirent des ressources naturelles au lieu de financer des investissements pouvant être source de corruption. La rubrique Gros plan explique ce que font les banques centrales pour combattre la crise dans les pays avancés. Enfin, nous découvrons en quoi la croissance chinoise est une source de créativité pour le monde occidental.

Business enterprises --- Commercial law --- Law and legislation. --- Business economics and finance. --- Inflation --- Labor --- Macroeconomics --- Public Finance --- Poverty and Homelessness --- Aggregate Factor Income Distribution --- Price Level --- Deflation --- Commodity Markets --- Labor Demand --- Welfare, Well-Being, and Poverty: General --- Labour --- income economics --- Finance --- Public finance & taxation --- Poverty & precarity --- Income inequality --- Self-employment --- Poverty --- Prices --- Income distribution --- Self-employed --- Labor economics --- United States

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Ya sea luchando contra la malaria con mosquiteros, o construyendo escuelas y proporcionando saneamiento básico, la filantropía está ayudando a transformar el mundo en desarrollo. Donantes ricos dedican muchísimo dinero -obtenido en muchos casos a través de sus negocios en los sectores de la informática y el entretenimiento, o de inversiones de capital-riesgo- a luchar contra la pobreza y mejorar la calidad de vida de las personas, complementando y, en algunos casos, superando la ayuda oficial. Desde los multimillonarios Bill y Melinda Gates y Warren Buffett a Aliko Dangote y George Soros, los titanes del capitalismo respaldan las buenas causas con su dinero. Ya sea financiando nuevas vacunas, construyendo bibliotecas o adquiriendo tierras en la selva amazónica para proteger el medio ambiente, los filántropos respaldan distintos proyectos y enfoques innovadores que están cambiando la vida de la gente y construyendo sueños. En este número de F&D se examinan el mundo de las donaciones focalizadas y el empresariado social. “El papel de la filantropía es poner en marcha el proceso”, dice el cofundador de Microsoft, Bill Gates, el filántropo más generoso del mundo. “Usamos los fondos de la fundación para establecer un sistema que pusiera a las fuerzas del mercado a trabajar para los pobres”. Según Gates, la filantropía catalizadora puede tener un gran impacto. “Las buenas ideas necesitan divulgación. Las comunidades olvidadas necesitan apoyo activo”. El ex Presidente de Estados Unidos, Bill Clinton, señala que las redes de cooperación creativa entre el gobierno, las empresas y la sociedad civil pueden hacer las cosas mejor para resolver los problemas más apremiantes que afronta el mundo. También en este número, Prakash Loungani traza una semblanza del economista superestrella Jeffrey Sachs, quien apoyó la campaña en favor del alivio de la deuda de las economías en desarrollo e impulsó los Objetivos de Desarrollo del Milenio. Examinamos cómo, en lugar de utilizar las ganancias extraordinarias derivadas de los precios de las materias primas en inversiones físicas, los gobiernos de los países pobres deberían transferir parte de estos ingresos a los ciudadanos. En “Un vistazo a las cifras” analizamos las medidas adoptadas por los principales bancos centrales para salir de la crisis que afecta a las economías avanzadas, e incluimos un artículo sobre cómo el crecimiento en China incentiva la creatividad en Occidente.

International finance. --- International monetary system --- International money --- Finance --- International economic relations --- Inflation --- Labor --- Macroeconomics --- Public Finance --- Poverty and Homelessness --- Aggregate Factor Income Distribution --- Price Level --- Deflation --- Commodity Markets --- Labor Demand --- Welfare, Well-Being, and Poverty: General --- Labour --- income economics --- Public finance & taxation --- Poverty & precarity --- Income inequality --- Self-employment --- Poverty --- Prices --- Income distribution --- Self-employed --- Labor economics --- United States