In mid-1932, the UK had experienced a recession of a similar magnitude to that of 2008-09, was engaged in fiscal consolidation that reduced the structural budget deficit by about 4% of GDP, had short-term interest rates that were close to zero, and was in a double-dip recession (Crafts and Fearon 2013).
Escaping liquidity traps: Lessons from the UK’s 1930s escape
Nicholas Crafts, 12 May 2013
Do elite universities admit the academically best students?
Debopam Bhattacharya, 13 April 2013
The undergraduate admissions process at elite universities, owing to its implications for socioeconomic mobility, is subjected to significant public scrutiny in the UK.
Another look at Ricardian equivalence: The case of the European Union
Thomas Grennes, Andris Strazds, 28 February 2013
The so-called Ricardian equivalence suggests that a government will have the same effect on private spending whether it raises taxes or takes on additional debt to finance higher government spending. The logic behind it is that as the government gets more indebted, people would put aside more money in expectation of higher taxes in the future.
Winners of a European banking union
Dirk Schoenmaker, Arjen Siegmann, 27 February 2013
The aim of the prospective banking union is to foster financial stability in Europe. The euro sovereign debt crisis has shown that financial stability cannot be managed effectively at the national level, because of the diabolic loop between national governments and banks (Alter and Schüler 2012).
Investing in UK prosperity: skills, infrastructure and innovation
Tim Besley, John Van Reenen, 31 January 2013
At the beginning of 2013, the outlook for the UK economy looks bleak even for a British winter. Output has been depressed for a longer period than it was even in the Great Depression, with GDP still below the peak level of early 2008.
The Vickers Commission’s failure
Laurence J. Kotlikoff, 26 October 2012
The UK is still reeling from the great financial crash. Real GDP remains below its 2007 level, the nation’s 8.4% unemployment rate is at a 16-year high, and youth unemployment is over 20% (BBC 2012). Over three million UK citizens can’t find work or have given up looking.
Apprenticeship policy in England: Increasing skills versus boosting young people’s job prospects
Hilary Steedman, 6 October 2012
Apprenticeships improve the employment prospects of young people by raising their skill levels (Ryan 2001). They provide craft, technician and associate professional skills that are valued by employers.
Why the jobs problem is not going away
Richard Dobbs, Anu Madgavkar, 19 September 2012
Three years after the official end of the 'Great Recession', millions of workers across advanced economies remain unemployed. The US and UK unemployment rates remain above 8%; among Eurozone countries, unemployment exceeds 10% (US Bureau of Labor Statistics).
Risks to the individual in defined contribution pension schemes
Ian Tonks, Edmund Cannon, 20 August 2012
The UK is about to make a massive change to its pension system. Auto-enrolment into a pension scheme comes into effect in Autumn 2012, as a quasi-compulsory defined contribution national pension scheme is introduced called NEST (National Employment Savings Trust).
Labour productivity since the onset of the crisis – an international and historical perspective
Abigail Hughes, Jumana Saleheen, 19 August 2012
Productivity in the UK and a number of other countries has been recovering only slowly since the start of the financial crisis (Figure 1 and Figure 2). While productivity often falls in the initial stages a recession, persistently weak productivity four years into a crisis is more unusual to see.
- 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
- Rethinking macroeconomic policyBlanchard
- 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
Reichlin, Turner, Woodford
CEPR Policy Research
- The "Greatest" Carry Trade Ever? Understanding Eurozone Bank RisksAcharya, Steffen
- 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
- 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