The conventional wisdom before the creation of the euro was that the monetary union would force its least productive members to undertake the structural reforms needed to modernise their economies. In the past, the peripheral European countries had used devaluations to recover from adverse business-cycle shocks, but without correcting the underlying imbalances of their economies.
Did the euro kill governance in the periphery?
Jesús Fernández-Villaverde, Luis Garicano, Tano Santos, 30 April 2013
Infrastructure: The governance failures
Nicklas Garemo, Jan Mischke, 30 March 2013
Europe’s infrastructure programme was the big loser from February’s EU budget deal. Planned infrastructure investment of €50 billion over seven years was reduced to just €24 billion.
The problems of European monetary union – asymmetric shocks or asymmetric behaviour?
Andrea Boltho, Wendy Carlin, 31 March 2012
Much of the literature that was sceptical of the prospective success of the euro feared the effects of Mundellian asymmetric shocks on an area which (unlike the US) had little inter-country labour mobility and no common fiscal policy.
What is holding Italy back?
Daniel Gros, 9 November 2011
Italy’s economy has clearly underperformed since it entered the euro – both relative to its peers and relative to the previous decade. Italy’s growth rate averaged just over 1% during the boom years preceding the crisis. During the crisis, its GDP plunged 5%; instead of rebounding, its economy is now growing at only about 1%.
The long shadow of the fall of the wall
Daniel Gros, 17 June 2010
Economists call a happy monetary union an ‘optimum currency area’. The Eurozone is clearly no longer a happy family, but as Tolstoy observed some time ago, unhappy families are unhappy in their own ways.
Eurozone governance: What went wrong and how to repair it
Jean Pisani-Ferry, 17 June 2010
The EU faces two challenges: managing the crisis while coordinating Eurozone adjustment, and reforming its governance to avoid future crises. The first is vital in the eyes of the markets but creation of the Van Rompuy task force has focused attention on the second.
Natural resources and development strategy after the crisis
Milan Brahmbhatt, Otaviano Canuto, 2 March 2010
Recent events have rekindled interest in the role of primary commodities in development. Was the boom in commodity prices from 2003 to 2008 just a cyclical event or does it represent a period of strength, driven by factors such as demand in fast-growing developing countries like China?
Elections in developing countries: do they improve economic policy?
Paul Collier, Lisa Chauvet, 21 November 2009
The relationship between democracy and development has been extensively debated. Most cross-country analyses suggest that democracy has no robust impact on growth.
Sovereign wealth funds, governance, and reserve accumulation
Joshua Aizenman, Reuven Glick, 16 January 2009
Sovereign wealth funds (SWFs) are saving funds controlled by sovereign governments that hold and manage foreign assets.
Board (in)competence and the subprime crisis
Harald Hau, Johannes Steinbrecher, Marcel Thum, 12 January 2009
“Who were the first bank supervisory board members?” Answer: “The three Magi in the holy bible. They were politicians with time to spare, were dressed in expensive clothing, and did not really know where the journey was going!”
- Secular stagnation: Facts, causes, and cures – a new Vox eBookTeulings, Baldwin
- Can large primary surpluses solve Europe’s debt problem?Eichengreen, Panizza
- The unrecognised benefits of grade inflationBoleslavsky, Cotton
- The US manufacturing base is surprisingly strongMoran, Oldenski
- Risk attitudes are context-specificLoomes, Pogrebna
- 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
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
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
- The economics of Scottish independence in an interdependent worldHughes Hallett
- Making city lights shine brighterYusuf, Leipziger
- The euro in the 'currency war'Bénassy-Quéré, Martin
- The roots of shadow bankingPerotti
- What’s wrong with Europe?Baldini, Manasse
- Corporate Finance Theory Symposium19 - 20 September 2014 / Cambridge / Judge Business School, Cambridge University
- International Trade, Finance, and Macroeconomics: Research Frontiers and Challenges for Policy18 - 19 December 2014 / The Bank of England, London / The Bank of England, Centre for Macroeconomics and CEPR