Mario Draghi (ECB) cites Research of TI Fellows van Wijnbergen and Bartelsman
n his Camdessus Lecture at the IMF on May 14, Mario Draghi used the research published by TI fellow Sweder van Wijnbergen (University of Amsterdam) and PhD student and MPhil alumnus Timotej Homar (University of Amsterdam).
Draghi, president of the ECB discussed the bank’s recent monetary policy measures and referred to TI discussion paper 13-039/IV/DSF54 (2014), “On Zombie Banks and Recessions after Systemic Banking Crises: Government Intervention Matters”. In the paper van Wijnbergen and Timotej Homar conclude that recapitalisation and liquidity provision are complementary in speeding up the recovery after financial crises.
In his speech to the European Central Bank’s Forum on Central Banking, Mario Draghi also used the research published by a TI fellow, in this instance by Eric Bartelsman (VU University Amsterdam) to discuss Structural and cyclical policies.
These policies – including monetary policy – Draghi argued on May 22, are heavily interdependent. Structural reforms increase both potential output and the resilience of the economy to shocks. This makes structural reforms relevant for any central bank, but especially in a monetary union. Draghi cited the work of Bartelsman in the American Economic Review (2013) and mentioned results from Compnet, a recent ECB research network, where Bartelsman is an academic advisor.