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Special Report | Europe's Pandemic Politics

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EconPol Special Publication
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The corona pandemic has created a health and economic crisis without modern parallel: as it hit affected countries ill-prepared and spread quickly within the EU, member states had to adopt more interventionist approaches than ever before – particularly in the areas of fiscal and monetary policy, labor markets and redistribution, and industrial policy. EU member states started controversial discussions about how to support those that were hit particularly hard.

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Video still of online event

Video | Tax Incentives for R&D: Is There an Optimal Policy Mix?

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EconPol Video
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For our last lunch debate with CEPS before the summer break, journalist Jennifer Baker joined us once again to discuss tax incentives for R&D with panelists İrem Güçeri (EconPol Europe, Saïd Business School at the University of Oxford) and Ruzica Rakic (DG Research & Innovation, European Commission). The full subtitled video is now available to view online, along with the paper İrem co-authored on the topic and our explanatory interview. 

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Abstract coin image

Equilibrium Bitcoin Pricing

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Working Paper
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In this working paper from Bruno Biais ( HEC Paris), Christophe Bisière, Matthieu Bouvard, Catherine Casamatta and Albert J Menkveld (EconPol Europe, Toulouse School of Economics, Universite Toulouse Capitole [TSM-Research]), the authors offer an equilibrium model of cryptocurrency pricing and confront it to new data on bitcoin transactional benefits and costs. The model emphasises that the fundamental value of the cryptocurrency is the stream of net transactional benefits it will provide, which depend on its future prices.

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Arrows signifying interest rates

The Real Interest Rates Across Monetary Policy Regimes

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EconPol Policy Report
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Hernán D. Seoane (EconPol Europe, Universidad Carlos III de Madrid) has reviewed the main theories of interest rate determination and studied the dynamics of the real interest rate in the US. Using cointegration techniques, he searched for equilibrium relationships between the real interest rate, monetary factors and real factors and studied how these relationships change with the policy regimes.

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European Central Bank Frankfurt

Sliding Down the Slippery Slope? Trends in the Rules and Country Allocations of the Eurosystem’s PSPP and PEPP

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Policy Report
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The Eurosystem has become one of the crucial players in the market for euro area government bonds: after first substantive purchases through the Securities Market Programme (SMP) in 2010, the Eurosystem’s involvement has reached a new breadth and magnitude with the establishment of the Public Sector Purchase Programme (PSPP) in 2015.

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