During the 1980s Britain became one of the world's most market-oriented economies, an approach which resulted in three severe recessions and a deepening degree of inequality. This book argues that a rebalancing of the economy will remain elusive until proactive policies are implemented at the...

When Roosevelt abandoned the gold standard in April 1933, he converted what had been effectively real government debt into nominal government debt to open the door to unbacked fiscal expansion. We argue that he followed a state-contingent fiscal rule that ran nominal-debt-financed primary...

When Roosevelt abandoned the gold standard in April 1933, he converted what had been effectively real government debt into nominal government debt to open the door to unbacked fiscal expansion. We argue that he followed a state-contingent fiscal rule that ran nominal-debt-financed primary...

‘This is essential reading for anybody interested in global history.’ -Professor Ugo Panizza, The Graduate Institute of Geneva, Switzerland This illuminating book offers a compact survey and new interpretation of trends and policies in the US economy from the end of the nineteenth century to...

This paper takes stock of the global economic recovery a decade after the 2008 financial crisis. Output losses after the crisis appear to be persistent, irrespective of whether a country suffered a banking crisis in 2007-08. Sluggish investment was a key channel through which these losses...

Introduction: The Responsibility of Knowledge, Challenges and Responses -- The Changing World and the Greek Economy Before the Crisis -- The Pre-Crisis Growth of the Greek Economy -- The Question of Growth -- Human Capital: Education, Innovation and Health -- Cultural Values, Stereotypes and...

Following a deep recession in 2020 and further contraction in 2021Q1, the euro area economy recovered rapidly in the second and third quarters thanks to high vaccination levels, increasing household and business adaptability to the virus, and continued forceful policy support. Looking ahead,...

This paper explores the links between macroeconomic developments, especially monetary policy, and the exchange rate during the period of Japan's bubble economy and subsequent stagnation. The yen experienced epic gyrations over that period, starting with its rapid ascent after the March 1985...