VoxEU.org: Recent Articles |
| Posted: Cyber risk poses serious threats for businesses around the world. This column develops a new text-based measure of cyber risk exposure by leveraging computational linguistics and quarterly earnings transcripts for 12,000+ firms from 85 countries over the past 20+ years. Cyber threats have tripled since 2013 and affected a lot more countries and industries. Cyber risks are priced into the stock market and are contagious. The authors conclude that cyber risk is a source of systemic risk for firms and markets.  |
| Helicopter money as a last resort contingent policy Posted: The pandemic has caused the ECB to push its tools to their extremes. Despite considerably expanding its balance sheet and maintaining negative interest rates, inflation in the euro area remains below target. This column argues that direct transfers by the ECB to individuals, or 'helicopter money', should be considered as a viable contingent policy. It estimates that a transfer of 1% of GDP would increase inflation by 0.5 percentage points. A well-communicated policy with a clear exit strategy would be consistent with the ECB's inflation targeting objective and maintain a clear boundary with fiscal policy.  |
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