Abstract: This paper discusses the fiscal policy reactions and economic policies of European countries and the United States during the Great Depression. Economic as well as economic history literature has tended to overlook the fiscal policy aspects of the Great Depression, in particular in...

This note seeks to show that the debate on `Pro-Poor Growth' is sterile and largely academic with few policy insights.

When we speak of the impact of globalization on national and local economies, those economies are actually composed of a wide variety of individuals, each class of whom will be effected differently by large-scale economic forces. In this paper, produced for the U.N.'s International Labour...

This paper revisits the relationship between aid and growth, adding new assumptions to the standard Burnside-Dollar model, where aid effectiveness depends only on policy: 1) policy itself depends on aid, which involves a dynamic formulation of the standard model, 2) aid effectiveness...

The highly politicized debate about the recent Alternative Investment Fund Manager (AIFM) Directive of the European Union led many observers to suspect an ideological battle between countries seeking to impose transnational regulation on financial service industries such as hedge funds and...

The highly politicized debate about the recent Alternative Investment Fund Manager (AIFM) Directive of the European Union led many observers to suspect an ideological battle between countries seeking to impose transnational regulation on financial service industries such as hedge funds and...

In this essay I review Sylvia Nasar's long awaited new history of economics, Grand Pursuit. I describe how the book is an economic history of the period from 1850-1950, with distinguished economists' stories inserted in appropriate places. Nasar's goal is to show how economists work, but also to...

Once the model economy of transition, Hungary has been struggling with much higher public and private debt and a significantly worse growth performance than its peers in the region. A deteriorating exchange rate, increasing yields on government securities and soaring CDS spreads have recently...

EMU and the euro have been existing for more than seven (almost eight) years. As it is known, EMU –and in particular the proper functioning of the single currency – requires the appropriate policy mix. But there is the significant macroeconomic and institutional imbalance within the euro...

A country’s production possibility frontier or PPF is defined as the boundary of its economy’s production set in the net output space for a given technology and fixed quantities of primary factors of production. In general equilibrium theory, exogenous changes in technology or primary-factor...