Scholars

Zsolt Darvas

Senior Fellow

Zsolt Darvas

Expertise: Macroeconomics, international economics, central banking and time series analysis. CV: Download CV

Zsolt Darvas, a Hungarian citizen, joined Bruegel as a Visiting Fellow in September 2008 and continued his work at Bruegel as a Research Fellow from January 2009, before being appointed Senior Fellow from September 2013. He is also Research Fellow at the Institute of Economics of the Hungarian Academy of Sciences and Associate Professor at the Corvinus University of Budapest.

From 2005 to 2008, he was the Research Advisor of the Argenta Financial Research Group in Budapest. Before that, he worked at the research unit of the Central Bank of Hungary (1994-2005) where he served as Deputy Head.

Zsolt holds a Ph.D. in Economics from Corvinus University of Budapest where he teaches courses in Econometrics and but also in other institutions since 1994. His research interests include macroeconomics, international economics, central banking and time series analysis.

Declaration of interests 2012

Declaration of interests 2013

Declaration of interests 2014

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Upcoming Event

8 
Sep
2015
09:00

Bruegel's Annual Conference

Bruegel's Annual Conference is a closed-door event with three panel discussions on banks and capital markets, growth perspectives, and monetary policy and central banking.

Speakers: Wassim Chourbaji, Zsolt Darvas, Anna Ekström, Luc Frieden, Otmar Issing, Joanne Kellermann, Rachel Lomax, Mario Monti, Alvaro Nadal, Jean Pisani-Ferry, Dirk Schoenmaker, Paul Sheard, Jean-Claude Trichet, Nicolas Véron and Guntram B. Wolff
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Working Paper

The grand divergence: global and European current account surpluses

The grand divergence: global and European current account surpluses

This Working Paper assesses various explanations for the EU’s increased current account surpluses.

By: Zsolt Darvas Topic: Global Economics & Governance Date: August 13, 2015
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Opinion

Zsolt Darvas

Waiting for G-Day

With a final decision on Greece fast approaching, what is the worst-case scenario: bailout or Grexit?

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: July 9, 2015
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Blog Post

Zsolt Darvas
Guntram B. Wolff

Choices after the Greferendum

On Sunday, with a sizeable majority, the Greek people voted down the proposals of the country’s official lenders. What’s next? We see three main options and will describe the pros and cons of each in more detail.

By: Zsolt Darvas and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: July 6, 2015
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Blog Post

Zsolt Darvas

A democratic Europe should allow Greek people to decide on their future

Mr Tsipras’s call for the 5 July referendum about the Eurogroup proposal is an ideal outcome for official creditors. Zsolt Darvas argues that at this historical moment euro-area leaders should extend the bail-out deadline and the ECB should wait for the referendum before curtailing Greek banks’ access to liquidity.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: June 27, 2015
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Policy Contribution

The effects of ultra-loose monetary policies on inequalityEuropean Parliament

The effects of ultra-loose monetary policies on inequality

This Policy Contribution was prepared for the European Parliament Committee on Economic and Monetary Affairs. It assesses the impact of ultra-loose monetary policies on income and wealth distribution in the euro area.

By: Grégory Claeys, Zsolt Darvas, Alvaro Leandro and Thomas Walsh Topic: European Macroeconomics & Governance, European Parliament Date: June 24, 2015
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External Publication

Does money matter in the euro area? Evidence from a new Divisia index

Does money matter in the euro area? Evidence from a new Divisia index

Zsolt Darvas created a a dataset on euro-area Divisia-money aggregates. In this paper, Zsolt estimates theoretically correct responses to money, user cost and interest rate shocks using structural vector-autoregressions. 

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: June 17, 2015
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Blog Post

Zsolt Darvas

Is Greece Destined to Grow?

There is much talk about the impasse between Greece and its official lenders in their bail-out negotiations, so I thought I would write about something else instead: the changes in the Greek economy towards a new growth model.

By: Zsolt Darvas Topic: European Macroeconomics & Governance, Innovation & Competition Policy Date: June 15, 2015
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Blog Post

Zsolt Darvas

Mind the gap (and its revision)!

In this post Zsolt Darvas presents an analysis of the revisions made to output gap estimates between 2001 and 2015 by the European Commission and the IMF. The output gap shows the difference between actual output and potential output, where the latter should represent the output that could be produced if all resources were employed at their long-term sustainable rate.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: May 20, 2015
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Blog Post

Zsolt Darvas

Will Greece run out of cash?

For many weeks now it has been regularly reported that Greece will run out of money if an agreement is not reached with the official lenders in the next few days. So far this has not happened. 

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: April 17, 2015
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Blog Post

Zsolt Darvas

Money growth in the euro area is speeding up

The recent release of monetary indicators by the ECB has shown a gradual acceleration of money growth in the euro area. The growth rate of the broadest monetary aggregate calculated by the ECB, M3, was 4 percent in February 2015 compared to February 2014.  However, as the literature on aggregation-theoretic measurement of money argues (see […]

By: Zsolt Darvas Topic: Finance & Financial Regulation Date: April 2, 2015
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Policy Contribution

Poor and under pressure: the social impact of Europe's fiscal consolidation

Poor and under pressure: the social impact of Europe's fiscal consolidation

This Policy Contribution evaluates social indicators that can have a bearing on poverty, looks at the fiscal consolidation strategies of EU member states and assesses the possible links between fiscal consolidation and social developments.

By: Zsolt Darvas and Olga Tschekassin Topic: European Macroeconomics & Governance Date: March 31, 2015
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