It’s Baaack, Twenty Years Later

Paul Krugman. The background: In the late 1990s some U.S.-based economists began to grow disturbed about the economic troubles facing Japan. The source of our unease wasn’t, to be honest, mainly concern for Japan per se, or even about the   […]

A cross-country database of fiscal space

Ayhan Kose, Sergio Kurlat, Franziska Ohnsorge, Naotaka Sugawara. This paper presents a comprehensive cross-country database of fiscal space, broadly defined as the availability of budgetary resources for a government to service its financial obligations. The database covers up to 200   […]

The Rise and Fall of Keynesian Ideas During the Great Recession

Abraham Newman, Andrew Baker, Elizabeth Popp Berman, Paul Krugman, Stephen K. Nelson, Henry Farrell, John Quiggin. What is the role of expertise in global politics? The anti-establishment wave rolling over the United States and Europe makes this research question even   […]

Towards a More Resilient Global Economy

This report contains the Executive Summary of the proceedings of a high-level conference organised jointly by the German Federal Ministry of Finance and Deutsche Bundesbank, in cooperation with CEPS, on the occasion of Germany’s presidency of the G20, which runs   […]

IMF Fiscal Monitor 2017

Global economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing, and trade, according to Chapter 1 of this World Economic Outlook. World growth is expected to rise from 3.1 percent in 2016 to 3.5 percent in 2017   […]

Optimal Fiscal and Monetary Policy, Debt Crisis and Management

Cristiano Cantore, Giovanni Melina, Joseph G Pearlman, Paul L Levine. The initial government debt-to-GDP ratio and the government’s commitment play a pivotal role in determining the welfare-optimal speed of fiscal consolidation in the management of a debt crisis. Under commitment, for low or   […]

Should Unconventional Monetary Policies Become Conventional?

Dominic Quint, Pau Rabanal. The large recession that followed the Global Financial Crisis of 2008-09 triggered unprecedented monetary policy easing around the world. Most central banks in advanced economies deployed new instruments to affect credit conditions and to provide liquidity at   […]

Αn assessmnet of the economic impact of Brexit on the EU 27

This paper, managed by the Policy Department on Economic and Scientific Policies for the Committee on Internal Market and Consumer Protection, assesses the likely impact of Brexit on EU27, together with some scenarios for the terms of the UK’s secession.   […]

Exchange Rates and Trade : A Disconnect?

Daniel Leigh,  Hong Yang, Marcos Poplawski-Ribeiro, Rachel Szymanski, Viktor Tsyrennikov, Weicheng Lian. We examine the stability and strength of the relationship between exchange rates and trade over time using three alternative approaches, mitigating the endogeneity of the relation. We find that both exchange   […]

Europe in a new world order

Demertzis, Μ., Sapir, Andr., Wolff, G. The United States is the European Union’s most important trade and bilateral investment partner, which has, until now, supported a multilateral trade system and European integration and has provided a security guarantee to the   […]