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Two Sides of the Same Sparkly Coin?
Restrictive monetary policy dampens inflation effectively, but it also raises stress in financial markets. This happens through revaluations of financial assets on banks' balance sheets and through dampened economic activity. Moreover, apart from the positive effect of exiting negative interest rates, banks' net interest margin is generally negatively affected by interest rate hikes. With most of the disinflationary impact of higher interest rates yet to materialise, monetary policy should allow the financial sector to digest the rapid rate hikes of last year by reducing the pace of tightening. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 5 June 2023.
Labor Supply Shocks and the Beveridge Curve
Labor supply shocks can have substantial effects on the Beveridge Curve. Structural VARs with sign restrictions show that the shocks associated with the free movement of workers from Eastern Europe have temporarily increased unemployment in Austria, a major destination country, by 25 percent and job vacancies by 40 percent. The 2 percent increase in total employment was accompanied by a temporary decline in the employment of domestic workers. The greatest impact is seen in regions bordering on the home countries of the migrant workers. Beyond these findings the paper addresses empirical regularities of labor supply shocks that are at odds with theoretical predictions.
With Ears to Hear
What makes good sermons? And how do they come to be? Appropriating insights from the history of rhetoric and modern communications theory, Robin Meyers proposes that truly effective sermons involve more than moralistic proselytizing or three points and a joke. Rather, the preacher must enter into dialogue--not only with Scripture and the congregation but creatively with him- or herself as well. This willingness to listen to one's own sermon, this willingess to be freshly persuaded, will help enable the preacher to communicate with greater passion, insight, poetry, and clarity.
European Economy
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