This Week's Discussion Papers
CEPR published 10 Discussion Papers this week.

Piketty and Rey receive the 2013 Yrjö Jahnsson Award
Thomas Piketty and Hélène Rey have received the 2013 Yrjö Jahnsson Award of the European Economic Association. This is given every two years to outstanding European economists under the age of 45. Piketty is Co-Director of the CEPR Public Policy programme, and Rey is a Research Fellow of CEPR. Both have made major contributions to the activities of CEPR in addition to their scholarly work.
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Independent study outlines benefits of EU-US trade agreement
This in-depth study by CEPR, commissioned by the European Commission's Directorate General for Trade, assesses the potential effects of the EU-US Transatlantic Trade and Investment Partnership. It takes a detailed look at current transatlantic trade and investment flows and existing barriers to these, and then uses economic modelling to estimate the potential impact of different policy scenarios. The study highlights the huge gains to be made from liberalising EU-US trade, not just for the two trading blocs, but also for the global economy.
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Read the press release

WTO 2.0: Global governance of supply-chain trade
CEPR Policy Insight No 64 argues that adapting world trade governance to the realities of supply-chain trade will require a new organisation – a WTO 2.0 as it were.
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Euro Area in Recession since third quarter of 2011
The CEPR Business Cycle Dating Committee has determined that economic activity in the euro area peaked in the third quarter of 2011 and that the euro area has been in recession since then.
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Read the Findings of the Committee
Dating the Euro Area Business Cycle

New Chair, Members for the Business Cycle Dating Committee
CEPR has appointed a new chair and new members to its Euro Area Business Cycle Dating Committee.
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Dating the Euro Area Business Cycle

Twenty Years On - The UK and the Future of the Single Market
This eBook draws together available evidence from HM Government and independent experts about the impact of the Single Market to date.
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€-coin holds practically stable in April
In the month of April €-coin remained basically unchanged at the marginally negative level registered in March, working out at -0.10%.
More on EuroCOIN
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Dating the Euro Area Business Cycle

Is US economic growth over? Faltering innovation confronts the six headwinds
CEPR Policy Insight 63 argues that innovation does not have the same potential to create growth in the future as in the past in the US.
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The economic crisis: How to stimulate economies without increasing public debt
Quantitative easing and austerity have done little to stop the EZ's periphery economies sliding towards depression. Policy Insight No. 62 argues that new money creation can finance deficits without increasing public debt.
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After the Fall: The Future of Global Cooperation
The latest CEPR/ICMB Geneva Report on the World Economy looks at international cooperation, identifying the issues that are most likely to benefit from cooperation, and on which the international community should focus its efforts.
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Science, Innovation, Firms and Markets in Europe, SCIFI-GLOW
This final SCIFI-GLOW policy report is a collection of ‘policy briefs’ that distil and highlight some of the key research and policy messages that have emerged during the course of the programme.
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Austerity: Too Much of a Good Thing?
The French and Greek elections, together with a softer than expected Eurozone macroeconomy, are forcing a rethink of the austerity-only solutions embraced by political leaders across Europe. This eCollection brings together analysis by a dozen leading thinkers on austerity.
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The UK in a Global World
This joint BIS-CEPR-ESRC eBook looks at the UK’s medium-term growth prospects and the role that policy might have in shaping the economy’s growth trajectory once it emerges from recession.
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Global Trade Alert publishes 11th report
The findings in the 11th GTA report on protectionism suggest that international restraints on contemporary protectionism are pretty weak and that if the battle against protectionism is to be won it must be fought in national capitals.
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Rey wins Birgit Grodal Award
The European Economic Association has named CEPR Research Fellow Hélène Rey as the first winner of the Birgit Grodal Award.
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2 CEPR projects funded under the Fondation Banque de France 16th Call
At its most recent meeting the Board of the Fondation Banque de France selected two CEPR research proposals for funding under its 16th Call for Projects.
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The Crisis Aftermath: New Regulatory Paradigms
This new CEPR eReport is devoted to exploring the general issue of the origins of excessive risk-taking in the banking industry.
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Trade, Competition, and the Pricing of Commodities
After several decades of quiescence, global commodity prices almost doubled in 2008 and, after a brief fall, rose again in 2011. Over the longer term, the impact of population growth on demand, and of climate change on supply, makes it likely that commodity prices will continue to be an important issue on the global policy agenda. This new CEPR eReport identifies and assess the importance of the factors responsible for the recent increases in the levels and volatility of commodity prices.
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CEPR appoints Christopher Woodruff to lead major new research initiative
We are delighted to announce that CEPR, in partnership with the UK Department for International Development (DFID), is embarking upon a major new research initiative on Private Enterprise Development in Low-Income Countries (PEDL). The 5-year programme will invest £15 million into research (predominantly) and policy uptake activities on private enterprise development in low-income countries.
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Deep integration and production networks
What is the relationship between deep preferential trade agreements and international production sharing? Policy Insight No. 60 evaluates new evidence on the effects of deep integration on production networks trade and on the impact that production networks trade has on the likelihood of signing deeper agreements.
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Unfinished Business? The WTO's Doha Agenda
The Doha Development Agenda (DDA) is in limbo and negotiators face a difficult "trilemma": to implement all or part of the draft agreements as they stand today; to modify them substantially; or to dump Doha and start afresh. At this critical juncture, this CEPR/World Bank volume aims to provide a better empirical basis for informed choices.
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Duflo and Bannerjee awarded FT/Goldman Sachs book prize
CEPR Research Fellows Abhijit V. Banerjee and Esther Duflo have won the Financial Times and Goldman Sachs Business Book of the Year Award 2011 for their book Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty, published by Perseus Books.
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The Future of Banking
A Vox eBook offers solutions to the crisis and proposals for medium- to long-term reforms to the regulatory framework in which financial institutions operate.
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Resolving the Eurozone crisis: Time for conditional eurobonds
While prominent observers are preparing the funeral rites for the Eurozone, the author of CEPR Policy Insight 59 argues that the faulty machinery of the Eurozone can be successfully retrofitted and that it can survive.
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A framework for two macro policy instruments: Money and banking combined
The way in which monetary policy, macroprudential policy, and microprudential regulation of banks should be organised and conducted is a major, as yet unresolved, issue. In CEPR Policy Insight No. 58, the authors outline a policy framework for addressing this issue.
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Reforming the International Monetary System
A new CEPR report presents concrete proposals aimed at improving the international provision of liquidity in order to limit the effects of individual and systemic crises and decrease their frequency.
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Public Debts: Nuts, Bolts and Worries
The 13th Geneva Report on the World Economy is devoted to fiscal policy reforms in the USA, Europe and Japan. It offers a common political-economy framework to diagnose the need for fiscal consolidation and proposes institutional solutions rooted in that diagnosis.
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The implications of intra-euro area imbalances in credit flows
The Eurozone money transfer system, TARGET2, has huge imbalances whose meaning is subject to much debate. This Policy Insight by Citigroup Chief Economist Willem Buiter and co-authors argues that the imbalances show some banks can’t fund themselves without public support.
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A call to action: EU leaders must act to save the euro and avoid a recession
The Eurozone crisis is coming to a head. This open letter to European leaders implores them to take decisive action this week.
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Gerlach appointed Deputy Governor at Central Bank of Ireland
CEPR Research Fellow Stefan Gerlach has been appointed Deputy Governor at the Central Bank of Ireland, with responsibility for central banking functions.
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Seeking Asylum: Trends and Policies in the OECD
This report by CEPR Research Fellow Tim Hatton provides a concise narrative and fresh analysis of the number and composition of asylum seekers, the political and social reaction to them, and the evolution of policy in the OECD.
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Reichlin appointed CEPR Research Director
Lucrezia Reichlin has been appointed as the Centre's Research Director, succeeding Mathias Dewatripont
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Dewatripoint joins National Bank of Belgium
Mathias Dewatripoint, CEPR's Research Director, has been appointed as an Executive Director of the Bank, with responsibility for prudential policy and financial stability
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Röller is new Chief Economic Adviser
Former Programme Director Lars-Hendrik Röller has been appointed as chief economic policy advisor to the German government
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21st Century Regionalism: Filling the gap between 21st century trade and 20th century trade rules
CEPR Policy Insight 56 points to a new way of thinking about regionalism - specifically, its economic implications, its political economy determinants, and its impact on the world trade system and the WTO.
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Falk awarded Yrjö Jahnsson Prize
Research Fellow Armin Falk has been awarded the 2011 Yrjö Jahnsson Prize
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Why World Leaders Must Resist the False Promise of Another Doha Delay
Ahead of a gathering of WTO members in Geneva, the authors in this Vox eBook - trade experts from across the world - identify the perils of allowing Doha to flounder, and the hard choices governments must make to break the current deadlock.
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Global growth generators: Moving beyond emerging markets and BRICs
Which countries will drive growth for the next 40 years? In Policy Insight 55 Citi economists Willem Buiter and Ebrahim Rahbari investigate the likely future sources of global economic growth between 2010 and 2050
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Global imbalances and the paradox of thrift
Global imbalances are often cited as one of the principal causes of the global financial crisis that began in 2008, with particular criticism directed at surplus countries. CEPR Policy Insight No 54 analyses these views rigorously.
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CEPR Research Fellow Oriana Bandiera awarded 2011 Carlo Alberto Medal
Oriana Bandiera, a Research Fellow in CEPR's Public Policy and Development Economics programmes, has been awarded the 2011 Carlo Alberto Medal
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CEPR Researchers selected for ESRB Advisory Scientific Committee
CEPR Researchers will comprise eight of the 15 members selected for the European Systemic Board's newly established Advisory Scientific Committee
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Monetary Policy In Extraordinary Times
In a recent speech given to CEPR and London Business School, Monetary Policy Committee member David Miles suggested that UK growth through the UK's economic recovery period is expected to be only around the trend rate, rather than above it, as might have been expected had we not witnessed the extraordinary circumstances of "probably the most serious banking crisis in the UK's history", coupled with a sharp rise in commodity prices and a fall in world trade "at a pace that one associates with the start of a world war".
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Supply Chains in Export Agriculture, Competition, and Poverty in Sub-Saharan Africa
Cash crops provide the livelihoods for millions of people in sub-Saharan Africa. This new CEPR/World Bank book explores the effects of increasing competition in these markets and finds that while competition improves welfare for farmers on the whole, policymakers should still consider the potential winners and losers in each case.
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Tensions Contained... For Now: The 8th GTA Report
Although the dispute over China's exchange rate regime intensified in the run up to the Seoul G20 Summit, the 8th Global Trade Alert Report reveals that pressures for across-the-board protectionist measures have been contained, for now.
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CEPR/ESI 2010 Prize
CEPR/ESI 2010 Prize for the Best Central Bank Research Paper awarded to Andrea Ferrero of the Federal Reserve Bank of New York
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CEPR Conference: 'The Future of Regulatory Reform'
CEPR recently hosted a major conference on regulatory reform in London on 4 October 2010. It brought together leading academics, regulators and practitioners from Europe and around the world to take stock of reforms to date and to consider the challenges and difficulties that remain. The conference featured original presentations from leading scholars and panel discussions involving regulators and financial sector practitioners.
View the video summary of the event, read the conference report and access the papers and presentations

CEPR Research Fellow Chris Pissarides awarded 2010 Nobel Prize in Economics
CEPR Research Fellow Chris Pissarides was awarded the 2010 Nobel Prize in Economics yesterday.
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