You may have seen the "Manifesto for Economic Sense" which Paul Krugman and I are promoting.1 Our aim is to generate a movement of economists who speak out against policies they know to be wrong. In the end, as we know, it is ideas that rule, and I have been shocked by the ideas that now rule, even inside the heads of my tennis friends.
Richard Layard explains the Manifesto for Economic Sense
Richard Layard, 28 June 2012
Rethinking austerity: Introducing a new Vox eCollection
Giancarlo Corsetti, 23 June 2012
Even as the first Vox eCollection is going online, the global economy is being shaken by events ranging from a Chinese economic slowdown to the possibility of a delayed Greek Eurozone exit.
Austerity: Too Much of a Good Thing?
Giancarlo Corsetti, 23 June 2012
The impossible hope of an end to austerity
Charles Wyplosz, 14 May 2012
Thanks to French and Greek voters, austerity is finally being debated seriously. Until now, the debate was circumscribed to economists, with the usual Keynesian and anti-Keynesian chapels trading theoretical and empirical arguments over the size and the sign of the multipliers.1 As usual, any prejudice can be buttressed with some research.
Marco Annunziata, 14 May 2012
Youth unemployment is one of Europe’s most glaring problems. Opponents of austerity point to the swelling ranks of unemployed young (15-25 years of age) people in Europe’s periphery as proof that fiscal tightening can no longer be tolerated.
Weekend elections: Democracy and the fiscal compact
Francesco Daveri , 8 May 2012
Sunday 6 May 2012 was Europe’s “Super Sunday” of elections:
- The French presidential election gave the victory to Francois Hollande.
- Parliamentary elections have left Greece without a coalition capable of governing.
- There were local elections in Germany and Italy.
All these showed similar results.
The coming revolt against austerity
Charles Wyplosz, 2 May 2012
It is not just the election of François Hollande in France. Adopting contractionary fiscal policies in the teeth of a double-dip recession never made sense. And yet, public debts are high and markets in endemic panic. The solution must be based on a comprehensive analysis of the situation, not on arcane debates on the strength of the “confidence factor”.
Fiscal consolidation: Too much of a good thing?
John Van Reenen, 27 April 2012
This week’s political events in the Netherlands and France which look likely to lead to government dissolution, have been interpreted as a set-back for the pace of fiscal consolidation in Europe with popular resentment punishing incumbent leaders (“Leaders in Austerity Backlash” was the headline of the Financial Times on 24 April 2012).
Is high public debt harmful for economic growth?
Ugo Panizza, Andrea F Presbitero, 22 April 2012
It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.
-- Mark Twain
Fiscal austerity and policy credibility
Marco Buti, Lucio R Pench, 20 April 2012
The renewed phase of tension in Europe, and the Eurozone in particular, since the second half of 2011, with the prospect of a double-dip recession alternating with that of a sovereign-debt crisis, has reignited the debate on fiscal austerity, to which European governments have been committed since the end of the most acute phase of the crisis in 2009.
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- The ECB’s stealth bailoutSinn
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Adelman, 28 October 2013
Reichlin, Giugliano, 7 November 2013