Macroeconomic imbalances have been the subject of much debate in recent years, and are still in the spotlight. Before and during the financial crisis, a lot of attention was devoted to global imbalances – in particular to the persistent current-account deficits of some countries (such as the US) and the persistent surpluses of others (such as China).
Global and Eurozone imbalances: A question of civic capital?
Sascha Bützer, Christina Jordan, Livio Stracca, 23 November 2013
Unemployment, labour-market flexibility and IMF advice: Moving beyond mantras
Olivier Blanchard, Florence Jaumotte, Prakash Loungani, 18 October 2013
Growth in advanced economies is gaining some speed. The IMF projects these economies will grow 2% next year, up from an expected 1.2% this year. The average unemployment rate in advanced economies is expected to inch down from its peak of 8.3% in 2010 to 8% next year. This is progress, but it is clearly not enough. The state of labour markets remains dismal for a number of reasons.
Understanding trust: The role of false consensus
Jeffrey V. Butler, Paola Giuliano, Luigi Guiso, 18 December 2012
Every day millions of people deal with others they know nothing or very little about. A Norwegian tourist buys a carpet in Casablanca. A woman in Mexico City hails a cab on the street. A person with a never-before-experienced eye pain asks an ophthalmologist for advice.
Crisis and public support for the euro
Felix Roth, Lars Jonung, Felicitas Nowak-Lehmann, 5 November 2012
The euro is a unique currency in at least two ways. It is the first time that a group of democratic countries have abolished their national currencies and replaced them with a single currency that is managed by a common central bank, the ECB. The euro is also unique in that data on public attitudes towards the euro have been collected for more than 20 years (Eurobarometer 2012).
Teaching practices and social capital
Yann Algan, Pierre Cahuc, Andrei Shleifer, 24 October 2011
How the long-gone Habsburg Empire is still visible in Eastern European bureaucracies today
Sascha O Becker, Ludger Woessmann, 31 May 2011
Nobel laureate Elinor Ostrom emphasised that trust in the key institutions of the state, and their proper functioning, is crucial in facilitating collective action (Ostrom 1998). The courts and the police as the enforcers of rules in collective action have a crucial role to play in supporting trust in interactions between citizens and the state.
How to rebuild trust
Gilles Saint-Paul, Giancarlo Corsetti, John Hassler, Luigi Guiso, Hans-Werner Sinn, Jan-Egbert Sturm, Xavier Vives, Michael P. Devereux, 21 March 2010
For all its mathematical models, finance is not physics. In fact, it runs pretty much on faith (Carlin et al. 2009), and can give rise to highly emotional reactions. This was much in evidence during the latest financial crisis.
To trust or not to trust: The answer lies somewhere in the middle
Paola Giuliano, Luigi Guiso, Jeffrey V. Butler, 8 October 2009
On June 2009, Bernie Madoff was condemned to 150 years in prison for what federal agents have described as one of the biggest Ponzi scheme in history, which could leave investors with billions in losses. Swindlers like Mr Madoff are not new in history. Think about Mr Ponzi himself, or the Victorian example of Mr Merdle in Charles Dickens’ Little Dorrit.
The crisis and citizens’ trust in central banks
Daniel Gros, Felix Roth, 10 September 2009
Central banks seem to be enjoying a “good crisis”. They have lowered interest rates to near zero and used unconventional approaches to stabilise financial systems.
Competition builds trust
Patrick Francois, Thomas Fujiwara, Tanguy van Ypersele, 27 August 2009
Recent empirical evidence gleaned from a number of different sources and countries using different methods plausibly suggests that culture affects economic outcomes (see Tabellini 2008 for a recent survey).
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- 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
Beck, De Haas, Ongena
CEPR Policy Research
- The buyer margins of firms' exportsCarballo, Ottaviano, Volpe
- Commodity and Equity Markets: Some Stylized Facts from a Copula ApproachDelatte, Lopez
- Ethnic Unemployment Rates and Frictional MarketsGobillon, Rupert, Wasmer
- Finance and Poverty: Evidence from IndiaAyyagari, Beck, Hoseini
- The Manipulation of Basel Risk-WeightsMariathasan, Merrouche
- What’s wrong with Europe?Baldini, Manasse
- 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