A fundamental lesson from the Great Recession is that global instability is more than the sum of domestic instabilities of single countries (Borio 2011). Not only do country exposures to global factors matter a lot: those same global factors, while they are considered to be exogenous from each country, are in fact endogenous to their collective behaviour.
The 'Good Global Citizen' remit for the international community: A novel responsibility for the IMF
Biagio Bossone, Roberta Marra, 16 March 2013
Can trade policy set information free?
Susan Ariel Aaronson, 22 December 2012
Although the internet is creating a virtuous circle of expanding global growth, opportunity, and information flows (Lendle et al. 2012), policymakers and market actors are taking steps that undermine access to information, reduce freedom of expression and splinter the internet (Herald 2012).
Value-added exchange rates
Rudolfs Bems, Robert Johnson, 6 December 2012
Real effective exchange rates (REERs) are widely used to gauge competitiveness. Yet conventional REERs, based on gross trade flows and consumer price indexes (CPIs), are not well suited to that role when imports are used to produce exports – i.e., with vertical specialisation in trade.
Myths about trade, jobs, and competitiveness
Charles Roxburgh, Richard Dobbs, Jan Mischke, 31 May 2012
This is not a happy time for mature economies. They are facing:
New-paradigm globalisation and networked FDI: Evidence from Japan
Richard Baldwin, Toshihiro Okubo, 24 May 2012
International trade theory is going through another revolution – the third in three decades.
The renminbi’s prospects as a global reserve currency
Eswar Prasad, Lei (Sandy) Ye, 16 February 2012
Popular discussions about the prospects of China’s currency – the renminbi – range from the view that it is on the threshold of becoming the dominant global reserve currency to the concern that rapid capital-account opening poses serious risks for China.
Lawrence Summers and the uselessness of learning foreign languages
Victor Ginsburgh, 8 February 2012
“I don't speak English. Kurdish I speak, and Turkish, and gypsy language. But I don't speak barbarian languages.”
“English! German! Ya! French! All the barbarian”.
—Yasar Kemal, a Turkish writer whose words are quoted by Paul Theroux in The Great Railway Bazaar
What have I done to deserve this? Global winds and Latin American growth
Eduardo Levy Yeyati, Luciano Cohan, 12 January 2012
Four years ago, when what would become the worst crisis in 80 years was just a concern for the important but encapsulated US mortgage market, academics and practitioners were debating whether the emerging world, which showed no signs of weakening as the developed world sunk into recession, had entered a new age of real (business cycle) ‘decoupling’.
How did multinational banks weather the previous perfect storm?
Ralph De Haas, Iman van Lelyveld, 14 December 2011
Multinational banks across the world, but in particular in Europe, are experiencing severe balance-sheet pressures. Barely recovered from the 2008–09 subprime crisis, asset quality is now battered by banks’ exposures to sovereign risk in the Eurozone periphery.
Offshoring, inequality, and the value of college degrees
David Hummels, Rasmus Jørgensen, Jakob R. Munch, Chong Xiang , 10 December 2011
Fuelled by concerns over rising income inequality, Occupy Wall Street has grown into a global movement in slightly over 2 months, with protests in over 900 cities worldwide. Protestors have been criticised for lacking a specific set of policy demands, but in this the protestors are hardly alone.
- 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
- Do entrepreneurs matter?Becker, Hvide
- 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
CEPR Policy Research
- Political Credit Cycles: The Case of the Euro ZoneFernández-Villaverde, Garicano, Santos
- Winning by Losing: Incentive Incompatibility in Multiple QualifiersDagaev, Sonin
- Income and schoolingBrückner, Gradstein
- Monetary Policy and Rational Asset Price BubblesGalí
- Does Supporting Passenger Railways Reduce Road Traffic Externalities?Lalive, Luechinger, Schmutzler
- How the EZ crisis is permanently changing EU institutionsMicossi
- WTO 2.0: Global governance of supply-chain tradeBaldwin
- Is US economic growth over? Faltering innovation confronts the six headwindsGordon
- The economic crisis: How to stimulate economies without increasing public debtWood
- Austerity: Too Much of a Good Thing?Corsetti