In 2009-2010, the UK's budget deficit was about 11% of GDP (see here); there was no dispute among economists that a credible plan for fiscal consolidation was required.
The impact of alternative paths of fiscal consolidation on output and employment in the UK
Nitika Bagaria, Dawn Holland, Jonathan Portes, John Van Reenen, 14 August 2012
The UK in a global world: How can the UK focus on steps in global value chains that add value?
David Greenaway, 16 June 2012
The events following the 2007 sub-prime crisis have been remarkable: credit crunch, global financial crisis, recession, and Eurozone crisis.
The UK in a Global World
David Greenaway, 14 June 2012
The UK in a Global World: How can the UK focus on steps in global value chains that really add value?
edited by David Greenaway
Published 14 June 2012
The implicit subsidy of banks
Joseph Noss, Rhiannon Sowerbutts, 17 June 2012
The experience of the crisis has revealed that a credible threat of failure does not always exist for banks. While equity holdings were severely diluted through state intervention, debt holders of some failed banks did not incur losses and were guaranteed by governments. To the extent that neither banks nor their creditors paid for this guarantee, it can be considered an implicit subsidy.
Have the US and European economies parted company? The signals are increasingly clear
Lucrezia Reichlin, Domenico Giannone, Jasper McMahon, Saverio Simonelli, 2 May 2012
According to the NBER (2012), the last recession ended in June of 2009. CEPR (2012) dates the end of the recession in the Eurozone in the same quarter. For the UK, there is no established chronology but a visual inspection of Figure 1 shows that the recession and the subsequent recovery in the three economies have been highly synchronised.
Commentary on UK Budget 2012: Wanted – A real budget for growth
John Van Reenen, 29 March 2012
What was the problem with the 2012 UK budget? The problem with the budget was not so much what the Chancellor did but rather what he did not do. There was precious little in this budget to address the most pressing need of the British economy, and indeed the world economy: the need for growth.
Fiscal policy: What does ‘Keynesian’ mean?
Jonathan Portes, 7 February 2012
I joined the UK Treasury in 1987 and subsequently went to Princeton, where I studied with Rogoff and Campbell. Eventually, I ended up in the Cabinet Office, advising the Prime Minister, on the eve of the 2008 crisis. At no point during this period, however, did I think of myself as a ‘Keynesian’. Nor was it really a meaningful question.
Sovereign ratings when default can come explicitly or via inflation
Charles A.E. Goodhart, 2 February 2012
Services offshoring increases wage inequality
Holger Görg, Ingo Geishecker, Christiane Krieger-Boden, 24 December 2011
Offshoring from industrialised countries always evokes hot debate in public and academic circles. Worries concern a loss of employment opportunities in unskilled jobs at one point, and in high-skilled jobs at another. Other worries concern the suspected devaluation of unskilled labour.
Can austerity be self-defeating?
Daniel Gros, 29 November 2011
Could ‘austerity’ be self-defeating? Could a reduction in government expenditure lead to such a strong fall in activity that fiscal performance indicators actually get worse?
- 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
- Helicopter money as a policy optionReichlin, Turner, Woodford
- 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