Angana Banerji

House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the fast lane, the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.

House price

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Citations (2)

Youth Unemployment in Advanced Europe; Okun’s Law and Beyond

RePEc: Research Papers in Economics (2015)

Angana Banerji Huidan Lin Sergejs Saksonovs

The crisis has intensified what was previously a chronic unemployment problem in Europe; youth unemployment is now at unprecedented highs in some European countries. This paper assesses the main drivers of youth unemployment in Europe. It finds that much of the increase in youth unemployment rates during the crisis can be explained by output dynamics and the greater sensitivity of youth unemployment to economic activity than adult unemployment. Labor market institutions also play a significant role in explaining the persistently high levels of youth unemployment, especially the tax wedge, minimum wages relative to the median wage, spending on active labor market policies, the opportunity cost of working (measured by the unemployment benefits), vocational training, and labor market duality. This suggests that policies to address youth unemployment should be comprehensive and country-specific, focused on reviving growth and advancing labor market reforms.

Youth Unemployment

Okun's law

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Citations (15)

House Price Developments in Europe

Paul Hilbers Angana Banerji Haiyan Shi Alexander W. Hoffmaister

10.5089/9781451870695.001.a001

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Citations (6)

Building a Better Union: Incentivizing Structural Reforms in the Euro Area

IMF Working Paper (2015)

Angana Banerji Bergljot Barkbu James A. St John Tidiane Kinda Sergejs Saksonovs

The momentum for structural reforms is waning in the euro area at a time when even faster progress is needed to boost productivity and growth, achieve real economic convergence, and improve the resilience of the monetary union.What can the European Union (EU) institutions do to bridge this divide?This paper argues for greater simplicity, transparency and accountability in the EU governance framework for structural reforms.Our three interrelated proposals-"outcome-based" benchmarking; better use of existing EU processes to strengthen oversight and reduce discretion; and improved financial incentives-could help advance reforms.Ex post monitoring by an independent EU-level "structural council" and ex ante policy innovation by national productivity councils could strengthen accountability and ownership.Deeper governance reforms should be considered in the medium-term with a view toward a greater EU role in promoting convergence.

10.5089/9781513517087.001

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Citations (10)

Youth Unemployment in Advanced Europe

Deleted Journal (2015)

Angana Banerji Huidan Lin Sergejs Saksonovs

The crisis has intensified what was previously a chronic unemployment problem in Europe; youth unemployment is now at unprecedented highs in some European countries. This paper assesses the main drivers of youth unemployment in Europe. It finds that much of the increase in youth unemployment rates during the crisis can be explained by output dynamics and the greater sensitivity of youth unemployment to economic activity than adult unemployment. Labor market institutions also play a significant role in explaining the persistently high levels of youth unemployment, especially the tax wedge, minimum wages relative to the median wage, spending on active labor market policies, the opportunity cost of working (measured by the unemployment benefits), vocational training, and labor market duality. This suggests that policies to address youth unemployment should be comprehensive and country-specific, focused on reviving growth and advancing labor market reforms.

Youth Unemployment

Discouraged worker

10.5089/9781498382519.001.a001

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Citations (7)

Building a Better Union; Incentivizing Structural Reforms in the Euro Area

RePEc: Research Papers in Economics (2015)

Angana Banerji Bergljot Barkbu James A John Tidiane Kinda Sergejs Saksonovs

The momentum for structural reforms is waning in the euro area at a time when even faster progress is needed to boost productivity and growth, achieve real economic convergence, and improve the resilience of the monetary union. What can the European Union (EU) institutions do to bridge this divide? This paper argues for greater simplicity, transparency and accountability in the EU governance framework for structural reforms. Our three interrelated proposals—“outcome-based” benchmarking; better use of existing EU processes to strengthen oversight and reduce discretion; and improved financial incentives—could help advance reforms. Ex post monitoring by an independent EU-level “structural council” and ex ante policy innovation by national productivity councils could strengthen accountability and ownership. Deeper governance reforms should be considered in the medium-term with a view toward a greater EU role in promoting convergence.

Benchmarking

Economic governance

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Labor and Product Market Reforms in Advanced Economies : Fiscal Costs, Gains, and Support

IMF Staff Discussion Notes (2017)

Angana Banerji Valerio Crispolti Era Dabla‐Norris Romain Duval Christian Ebeke

Product and labor market reforms are needed to lift persistently sluggish growth in advanced economies. But reforms have progressed slowly because of concerns about their distributive and short-term economic effects. Our analysis, based on new empirical and numerical analysis and country case-studies shows that most labor and product market reforms can improve public debt dynamics over the medium-term. This because reforms raise output by boosting employment and/or labor productivity. But the effect of some labor market reforms on budgetary outcomes and fiscal sustainability depends critically on business cycle conditions. Our evidence also suggests that some temporary and well-designed up-front fiscal stimulus can help enhance the economic impact of reforms. In the past, countries have used fiscal incentives in the past to facilitate reforms by alleviating transition and social costs. But strong ownership of reforms was crucial for their successful implementation.

Fiscal sustainability

Fiscal Adjustment

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Labor and Product Market Reforms in Advanced Economies; Fiscal Costs, Gains, and Support

RePEc: Research Papers in Economics (2017)

Angana Banerji Valerio Crispolti Era Dabla‐Norris Romain Duval Christian Ebeke

Product and labor market reforms are needed to lift persistently sluggish growth in advanced economies. But reforms have progressed slowly because of concerns about their distributive and short-term economic effects. Our analysis, based on new empirical and numerical analysis and country case-studies shows that most labor and product market reforms can improve public debt dynamics over the medium-term. This because reforms raise output by boosting employment and/or labor productivity. But the effect of some labor market reforms on budgetary outcomes and fiscal sustainability depends critically on business cycle conditions. Our evidence also suggests that some temporary and well-designed up-front fiscal stimulus can help enhance the economic impact of reforms. In the past, countries have used fiscal incentives in the past to facilitate reforms by alleviating transition and social costs. But strong ownership of reforms was crucial for their successful implementation.

Fiscal sustainability

Economic reform

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Tonga—IMF Assessment Letter for the World Bank

MF Policy Paper (2020)

Angana Banerji

10.5089/9781513541396.007

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House Price Developments in Europe: A Comparison

IMF Working Paper (2008)

Paul Hilbers Angana Banerji Haiyan Shi Alexander W. Hoffmaister

This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy.Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers.Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals.Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors.The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.

10.5089/9781451870695.001

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Citations (84)

Angana Banerji

Papers

Citation

H-Index

i-10 index

Papers

Citation

H-Index

i-10 index