The financial crisis that erupted in 2008, prolonged by a sovereign crisis in the Eurozone, led to a massive contraction in trade, as well as in investment in physical and human capital; thus undermining the foundations of future growth. This may well continue as growth will not rapidly rebound while deleveraging slowly proceeds across Eurozone economies.
Eurozone: Looking for growth
Laurence Boone, Céline Renucci, Ruben Segura-Cayuela, 25 March 2013
Reallocation and Technology: Evidence from the U.S. Steel Industry
Allan Collard-Wexler, Jan De Loecker, 3 February 2013
Vox readers can download CEPR Discussion Paper 9331 for free here.
Trade liberalization and embedded institutional reform: Evidence from Chinese exporters
Amit Khandelwal, Shang-Jin Wei, Peter K. Schott , 2 December 2012
Vox readers can download CEPR Discussion Paper 9246 for free here.
Labour productivity since the onset of the crisis – an international and historical perspective
Abigail Hughes, Jumana Saleheen, 19 August 2012
Productivity in the UK and a number of other countries has been recovering only slowly since the start of the financial crisis (Figure 1 and Figure 2). While productivity often falls in the initial stages a recession, persistently weak productivity four years into a crisis is more unusual to see.
Why trade policy matters for firms’ R&D investment
Andreas Moxnes, Karen-Helene Ulltveit-Moe, Esther Ann Bøler, 18 July 2012
As the crisis continues to ricochet around the world and unemployment stays elevated, the threat of protectionism rises. As the latest WTO report on G20 trade measures (WTO 2012) and the GTA database confirm (Evenett 2012), the threat is real. Trade barriers are rising.
Apart from the fiscal compact – on competitiveness, nominal wages and labour productivity
Marga Peeters, Ard den Reijer, 3 January 2012
Eurozone members that face the consequences of severe asymmetric shocks can, in the absence of labour mobility, accommodate by means of fiscal transfers. In order to avoid becoming a one-way transfer union from the core to the periphery, the EU needs to address structural imbalances and persistent current-account deficits and surpluses that are due to real exchange-rate misalignment.
Manufacturing is special
Dani Rodrik, 9 November 2011
Poor countries have access to world markets, off-the-shelf technologies developed by others, and rich countries’ savings. So in principle, they should develop rapidly – more rapidly than advanced economies, which are already at the technological frontier. Yet the historical record belies this expectation.
Dani Rodrik, 31 October 2011
Vox readers can download CEPR Discussion Paper 8631 for free here. To learn more about subscribing to CEPR's Discussion Paper Series, please visit the CEPR firstname.lastname@example.org. To learn more about subscribing to CEPR's Discussion Paper Series, please visit the CEPR website.
The incredible shrinking Portuguese firm
Serguey Braguinsky, Lee Branstetter, André Regateiro, 10 September 2011
The Portuguese economy has been making headlines. After months of deteriorating economic circumstances and declining confidence in the nation's ability to make good on its rapidly expanding debts, Portugal became the third Eurozone bailout case.
Competitiveness: The Great American Distraction
Uri Dadush, William Shaw, 28 June 2011
US policymakers worry constantly about the nation’s declining competitiveness – so much so that the theme dominated this year’s State of the Union Address (see, for example, Podesta et al. 2010 and NAS 2010).
- Fiscal consolidation: At what speed?Blanchard, Leigh
- Public debt and economic growth, one more timePanizza, Presbitero
- Escaping liquidity traps: Lessons from the UK’s 1930s escapeCrafts
- The lessons of the North Atlantic crisis for economic theory and policyStiglitz
- Rethinking macroeconomic policyBlanchard
- 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
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- Income and schoolingBrückner, Gradstein
- Monetary Policy and Rational Asset Price BubblesGalí