The recent financial crisis was caused by a combination of asset price bubbles, mainly in the real estate sector, and a credit bubble that led to excessive leverage. A recurrent theme of this paper is that an appropriate assessment of the crisis should be made in light of the bubble that...

Labour markets have reacted very differently to the COVID-19 crisis. In the US, the impact on unemployment rates was rapid across all states. They increased sharply in March and April 2020 and recovered steadily thereafter. In Europe, by contrast, unemployment increased far less, and the...

Since the outbreak of the Corona virus, policymakers around the globe introduced numerous emergency measures such as the wearing of masks, restrictions to mobility and travel and the shutdown of large parts of the economy, including firms, workplaces and schools. The implementation of...

This paper investigates the link between health care expenditures and GDP for a sample of 21 OECD countries using recent developed panel cointegration techniques. In contrast to previous studies, the analysis accounts for the fact that health care expenditures are not only determined by income....