Can we learn from previous instances of fiscal prioritisation? This column surveys the US Treasury’s response to three wars – the Revolutionary War, The War of 1812 and the Civil War. Contemporary advocates of engaging in fiscal discrimination might ponder the actions of previous US Presidents Madison and Grant, who honoured all existing federal obligations despite challenging fiscal conditions.
Innovation is the beating heart of modern growth. This column argues that innovation-blocking institutions weaken when markets expand and competition intensifies. The rise and decline of medieval Italian crafts guilds offer valuable insights into this process. Policies that promote greater market integration and stronger competition are key steps in lowering the barriers to innovation.
Benn Steil of the Council on Foreign Relations talks to Romesh Vaitilingam about his book ‘The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order’. They discuss the ‘realpolitik’ of the 1944 conference and the scheming of the two central characters, as well as lessons for today’s efforts to reform the Eurozone and the international monetary system. The interview was recorded in London in April 2013.
Medieval monetary practices reveal an alternative approach to currency stabilisation. This column examines the role of Mint prices as a device for stabilising the medieval bullion market. This might seem to be of limited relevance to managing modern currencies, yet a longer historical view helps to highlight different approaches to currency stabilisation. This raises a question for modern policymakers: should the price of some of the asset counterparts of today’s money be anchored, as bullion prices once were under the Mint system?
To what extent can historical and cultural factors explain the reversal of the gender gap? Using a new comprehensive dataset from Italy, this column explores the long-term determinants of the education gender gap. The evidence suggests that cultural values can persist for centuries, but that there have also been critical evolutionary turning points on the road towards equality.
Other Recent Articles:
- The leaderless global economy: Can economic history suggest lessons?
- Mutualisation and constitutionalisation
- Designing a federal bank
- From the persecuting to the protective state? Jewish expulsions and weather shocks from 1100 to 1800
- Making the European Monetary Union
- Colonialism and development in Africa
- Returning to growth in the UK: Policy lessons from history
- Fact-checking financial recessions: US-UK update
- Exploiting the enemy: The economic contribution of prisoners of war to Nazi Germany
- Britain's hacking scandal: Readers and shareholders unite!
- Saving the Eurozone: Is a ‘Real’ Marshall Plan the answer?
- New preface to Charles Kindleberger, The World in Depression 1929-1939
- Russia’s national income in war and revolution, 1913 to 1928
- Does inequality lead to a financial crisis?
- Religion matters, in life and death
- Education and economic development: Evidence from the Industrial Revolution
- Legal origin: A Chinese perspective
- What caused the recession of 1937-38? A new lesson for today’s policymakers
- The “Out of Africa” hypothesis: Human genetic diversity and comparative economic development
- From lender of last resort to global currency? Sterling lessons for the dollar
- Fiscal consolidation: At what speed?Blanchard, Leigh
- Escaping liquidity traps: Lessons from the UK’s 1930s escapeCrafts
- The lessons of the North Atlantic crisis for economic theory and policyStiglitz
- Helicopter money as a policy optionReichlin, Turner, Woodford
- The case for 4% inflationBall
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Reichlin, Baldwin, 14 April 2013
Reichlin, Turner, Woodford
CEPR Policy Research
- The "Greatest" Carry Trade Ever? Understanding Eurozone Bank RisksAcharya, Steffen
- Political Credit Cycles: The Case of the Euro ZoneFernández-Villaverde, Garicano, Santos
- Winning by Losing: Incentive Incompatibility in Multiple Qualifie