The article discusses the economic difficulties from which the industrialized nations have been suffering for the past years giving special regard to the controversy as to what concept of economic policy should be adopted in order to overcome the present problems.

We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, en- compassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...

Global demand for manufactured goods has fallen in the wake of the world-wide financial crisis and ensuing G-7 consumption slowdown. This drop in demand has pushed China's economy to the brink of a “growth recession” – conventionally defined as a period of weak economic growth and rising...

Economic recovery continues to elude Sudan. The absence of proper strategies, economic reforms and lack of fiscal and monetary policies have now resulted in low levels of per capita income, where a majority of labor force involved in agricultural activities. The paper provides a new structural...

Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and...

The experience of the EFSD in the last 10 years has raised important questions about the developmental role an RFA could play for low income or less-developed countries. Even though other RFAs do not have a development mandate, the EFSD’s operational model inspires the RFAs to reflect on their...