PUBLICATIONS | Briefing Papers
2015
April 2015
Christophe Blot, Jérôme Creel, Paul Hubert, Fabien Labondance
The ECB has decided to implement large-scale quantitative easing (QE) measures since March 2015 until September 2016. This unconventional monetary policy has had a variety of precedents, in the Japanese, UK and US economies. These experiments have been effective at modifying government and corporate bond yields, mostly in the UK and US and to a lesser extent in Japan...
January 2015
Guillaume Allègre, Xavier Timbeau
In Capital in the 21st century (hereafter Capital), Thomas Piketty points out the risk of a concentration of wealth in the twenty-first century that would threaten the social justice and meritocratic values of our democratic societies. The main force of divergence is due to the fact that net returns on capital (r) are expected to be greater than the growth of the economy (g), or: “r>g”. According to Piketty, this will lead to two undesirable consequences: firstly, wealth will have a tendency to concentrate in the hands of a few; secondly, constituted wealth will tend to dominate accumulated wealth from labour: “the past devours the future”...