The year 2013 marks the 100th anniversary of two major institutional innovations in US economic policy:
Monetary alchemy, fiscal science
Jeffrey Frankel, 29 January 2013
Jobless recoveries and the disappearance of routine occupations
Henry Siu, Nir Jaimovich, 6 November 2012
Economic recoveries aren’t what they used to be. Since the end of the Great Recession in June 2009:
New preface to Charles Kindleberger, The World in Depression 1929-1939
J. Bradford DeLong, Barry Eichengreen, 12 June 2012
The parallels between Europe in the 1930s and Europe today are stark, striking, and increasingly frightening. We see unemployment, youth unemployment especially, soaring to unprecedented heights. Financial instability and distress are widespread. There is growing political support for extremist parties of the far left and right.
How did US and EU trade policy withstand the Great Recession?
Chad P Bown, Meredith Crowley, 28 April 2012
During the Great Recession, import protection increased around the world (Evenett, 2011). Popular policies included antidumping tariffs, safeguards, and other temporary trade barriers (Bown 2011a,b). Despite this, for high-income economies such as the US and EU, such trade barriers increased much less than initially feared. In this column, we ask how and why.
A tale of two depressions redux
Barry Eichengreen, Kevin H O’Rourke, 6 March 2012
Right-wing political extremism in the Great Depression
Alan de Bromhead, Barry Eichengreen, Kevin H O’Rourke, 27 February 2012
The impact of the global crisis has been more than just economic.
When markets freeze: Tobin’s q and QE
Marcus Miller, John Driffill, 27 September 2011
The economies of the North Atlantic look in poor shape. But it could be worse. Central banks have been doing their best to save capitalism from its own self-fulfilling fears, using the policy of quantitative easing to take frozen assets onto their balance sheets until confidence returns. Why they are doing this – and why it matters – can best be seen in the light of history.
What caused the recession of 1937-38?
Douglas Irwin, 11 September 2011
The recession of 1937-38 is sometimes called “the recession within the Depression.” It came at a time when the recovery from the Great Depression was far from complete and the unemployment rate was still very high. In fact, it was a disastrous setback to the recovery.
An historical perspective on the Great Recession
Nicholas Crafts, 24 February 2011
The Great Recession of 2008/9 came as a big shock to economists as well as the general public. They had become accustomed to the serene conditions of the so-called Great Moderation – low inflation, smooth growth, and low unemployment. This led to triumphalist claims that “boom and bust” had been abolished. A complacent belief arose:
Macroeconomic paradigm shifts and Keynes’s General Theory
Matthew N Luzzetti, Lee E. Ohanian, 31 January 2011
This month marks the 75th anniversary of the publication of Keynes’s The General Theory of Employment, Interest, and Money (Keynes 1936). The impact of the General Theory is unquestionable. It became the dominant paradigm through the 1960s and today’s policymakers still cling to many of the General Theory’s tenets.
- 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