Dennis Reinhardt, Cameron McLoughlin, Ludovic Gauvin, Wednesday, November 5, 2014 - 00:00
Moreno Bertoldi, Philip R. Lane, Valérie Rouxel-Laxton, Paolo Pesenti, Friday, October 24, 2014 - 00:00
Francesco Giavazzi, Guido Tabellini, Thursday, September 25, 2014 - 00:00
Olivier Blanchard, Giovanni Dell'Ariccia, Paolo Mauro, Friday, May 31, 2013 - 00:00
The Global Crisis has shaken the consensus on how to run macroeconomic policy. Three years ago, the authors discussed this issue on VoxEU.org. This column takes a more granular look at new efforts to rethink macroeconomic policy. It takes stock of early results and provides a more detailed agenda for the key issues that should keep policymakers and academic macroeconomists busy in the next few years.
Richard Wood, Wednesday, December 19, 2012 - 00:00
Five years after the subprime bubble burst, the self-correcting nature of business cycles is being questioned and, subsequently, orthodox macroeconomic policy is starting to be challenged. This column introduces a radical rethink of options open to macroeconomic policymakers, suggesting that in order to simultaneously achieve economic stimulus without increasing debt, new money creation should be used to directly finance on-going budget deficits.
Ila Patnaik, Ajay Shah, Tuesday, November 20, 2012 - 00:00
Can we agree that capital controls are an effective tool for macroeconomic policy? If so, should they be permanent or temporary? This column argues that under a permanent system of capital controls, a country will always bear costs whether there is a surge or capital flight or not. Looking at the Indian experience, it’s clear that capital controls do not necessarily help a government meet its macroeconomic goals in times of need.
Richard Wood, Friday, August 31, 2012 - 00:00
The crisis is deepening in Europe, and recession is spreading globally. This column argues that macroeconomic policies have failed to overcome the dual problems of flagging aggregate demand and high and spiralling public debt. It urges policymakers to abandon failed orthodoxies and irrelevant treaties and consider new, alternative solutions.
Olivier Blanchard, Wednesday, March 23, 2011 - 00:00
The global economic crisis has taught us to question our most cherished beliefs about the way we conduct macroeconomic policy. In this column, IMF chief economist Olivier Blanchard lays out his thoughts, arguing that we are far from a new Washington Consensus. Exploration is the order of the day.
Anna Pavlova, Roberto Rigobon, Tuesday, February 15, 2011 - 00:00
International macro-finance is a new area of open economy macroeconomics that brings portfolio choice and asset pricing considerations into models of international macroeconomics. This column argues that the recent global crisis illustrates just how important these considerations are. It surveys recent developments in international macro-finance and suggests several promising directions for future research.
Mathias Dolls, Clemens Fuest, Andreas Peichl, Friday, September 17, 2010 - 00:00
While debate rages over the appropriate size and timing of fiscal expansions, this column points out that much less attention is devoted to role of the automatic stabilisers in the tax and transfer system. It compares these stabilisers in Europe and the US, finding that social transfers play a key role in the stabilisation of disposable incomes and consumer demand.
Robert P Inman, Wednesday, September 15, 2010 - 00:00
What can we learn from US President Obama’s fiscal stimulus? This column argues that channelling the stimulus package through state governments exposed it to agency costs, free-riding problem, and political expediency. As a result, the stimulus has failed to meet its objectives at the state level. The lesson is that fiscal stimulus should be conducted centrally.
The Economics Interest Section of the European Union Studies Association (EUSA) and the Globalization & Monetary Policy Institute of the Federal Reserve Bank of Dallas are pleased to announce an economics workshop on European Integration. The meeting will be held at the Federal Reserve Bank of Dallas on 18-19th March, 2010 linked to a one-day public conference that the Institute is organising on 17 March on 10 years of the euro.
Papers on any aspect of European economic integration are welcome, as well as papers that place European integration in the context of the ongoing globalization of trade and capital flows. Abstracts are to be sent to both Patrick Crowley at email@example.com and David Mayes at firstname.lastname@example.org by January 10th, 2010. Please indicate whether you would also be willing to serve as a chair and/or discussant.
Axel Leijonhufvud, Saturday, July 11, 2009 - 00:00
The current financial system poses three major sources of risk to macroeconomic stability – price level instability, the increased system-wide leverage, and the increased global connectivity of the financial system. This column proposes policy alternatives to deal with these challenges.
The MSc in Macroeconomic Policy and Financial Markets is a one-year full-time Master taught in English and provides participants with the relevant knowledge about the central issues in macroeconomic and financial economics analysis, as well as the key tools, data and models. Some examples are DSGE models, VAR’s, and ARCH. Participants learn not only how to use these modeling and statistical techniques but also how they are actually applied by government agencies and private financial firms. For more information, please visit www.barcelonagse.eu/MFM/html.
Eswar Prasad, Wednesday, January 28, 2009 - 00:00
The crisis has shattered predictions on the unravelling of global macroeconomic imbalances. The US dollar has resisted rather well, US treasury bonds remain the safe-heaven investment of choice, and the world economy still seems tied to US demand. These elements point to the intensification of global macroeconomic imbalances during the recovery of the global economy. This column proposes global solutions to avoid a new derailment