With the temporary suspension on the US Treasury’s statutory debt limit set to expire in late May, Republicans in the US House of Representatives have advanced the idea of debt prioritisation.
Fiscal prioritisation: Lessons from three wars
George Hall, Thomas J. Sargent, 19 May 2013
Congressional influence as a determinant of subprime lending
Stuart A Gabriel, Matthew E. Kahn, Ryan K Vaughn, 5 May 2013
An implosion in housing markets figured prominently in the 2007 meltdown in capital markets and the downturn in the global economy. Neither analysts on Wall Street nor regulators in Washington anticipated the depth of the crisis, its geographic and asset-class contagion, or its adverse effects on household balance sheets. What was emblematic was the pervasive failure of subprime mortgages.
Public investments for long-term economic growth: the case of health
Michael Stolpe, 22 March 2013
Crisis or not, healthcare cries out for large-scale public investments that lock in what appears to be an historic trough in government borrowing costs in many of the world’s advanced countries.
Will bank supervision in Ohio and Austria be similar? A transatlantic view of the Single Supervisory Mechanism
María J Nieto, Eugene N. White, 22 March 2013
At the inception of the euro, it was thought possible to have a centralised monetary authority and decentralised bank supervision, but the inability to separate sovereign-debt problems from those of bank stability has led the leaders of the member states of the EU to agree to centralise supervision in the Single Supervisory Mechanism.
The transatlantic trade talks and economic policy research: Time to re-tool
Simon J Evenett, Robert M. Stern, 21 March 2013
“And tonight, I am announcing that we will launch talks on a comprehensive Transatlantic Trade and Investment Partnership with the European Union – because trade that is free and fair across the Atlantic supports millions of good-paying American jobs”.
The sordid history of Congressional acceptance and rejection of cap-and-trade: Implications for climate policy
Richard Schmalensee, Robert N. Stavins, 7 March 2013
In both his second inaugural and his fifth state of the union addresses this year, President Obama renewed his commitment to address the risk of global climate change, due to increased concentrations of greenhouse gases in the atmosphere, largely (but not exclusively) a consequence of carbon dioxide (CO2) emissions linked with burning fossil fuels to generate energy.
Wine tasting: Is 'terroir' a joke and/or are wine experts incompetent?
Orley Ashenfelter, Olivier Gergaud, Victor Ginsburgh, Karl Storchmann, 1 March 2013
In a paper on terroir, an elusive word coined by French wine growers and traders that means something along the lines of ‘sense of place’, Gergaud and Ginsburgh (2008) show that the differences between natural endowments – region, type of soil and its chemical composition, exposure of vineyards – in the Pauillac, Margaux, Saint-Estèphe, Saint-Julien, and
Investigating the effect of exchange-rate changes in Japan, China, east Asia, and Europe
Willem Thorbecke, 26 February 2013
Policymakers are concerned about currency wars and competitive devaluations. Many complain that trading partners are artificially lowering their exchange rates through quantitative easing and managed exchange rates in order to gain price competitiveness for their exporters.
Mutualisation and constitutionalisation
Harold James, Hans-Werner Sinn, 26 February 2013
It is often claimed – especially but not only by US economists – that the travails of the euro show that it is impossible to have a monetary union in the absence of a political union.
The influence of the Taylor rule on US monetary policy
Pelin Ilbas, Øistein Røisland, Tommy Sveen, 13 February 2013
The Taylor rule has undoubtedly influenced the debate about monetary policy over the last 20 years. But has it directly influenced monetary policy? According to a survey by Kahn (2012), the answer seems to be that it has. The transcripts from the Federal Open Market Committee meetings include several references to the rule.
- 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