Several explanations of the great inflation moderation (1982-2006) have been put forth, the most popular being that inflation was tamed due to good monetary policy, good luck (exogenous shocks such as oil prices), or structural changes such as inventory management techniques. Drawing from...

Conventional wisdom contends that fiscal policy was of secondary importance to the economic recovery in the 1930s. The recovery is then connected to monetary policy that allowed non-sterilized gold inflows to increase the money supply. Often, this is shown by measuring the fiscal multipliers,...

Even though trade negotiations have increasingly come to focus on regulatory issues, the full impacts, that is, both social costs and benefits of regulatory changes, often remain unexamined in trade impact assessments. To bridge this gap, we scrutinize the theoretical foundations, methodologies...

Can consumers trust that the food they buy in the supermarket, even if imported, is not harmful to their health? What would be the consequences if their trust in existing health and safety standards were to be undermined by recognizing lower foreign standards? Against the backdrop of public...

This paper contributes to the literature on secular stagnation by estimating a measure of potential output growth for the post-war US economy derived from a novel model specification that allows for the cyclical interactions between income distribution, represented by the trajectory of the labor...

We propose a novel methodological approach to disentangle the main structural shocks affecting the US labour share of income during the immediate post-war era (1948Q1- 1984Q4) and the Great Moderation (1985Q1-2018Q3). We motivate a SVAR model in aggregate demand, unemployment rate, real wage and...

This paper surveys current debates on the distributive cycle. The literature builds on R.M. Goodwin's seminal 1967 chapter titled "A growth cycle." We review theoretical motivations for the distributive cycle, which, despite significant differences, all imply that macroeconomic activity leads...

This paper surveys current debates on the distributive cycle. The literature builds on R.M. Goodwin's seminal 1967 chapter titled "A growth cycle." We review theoretical motivations for the distributive cycle, which, despite significant differences, all imply that macroeconomic activity leads...

This paper presents a classical-Keynesian one sector model of labor-constrained growth that explains secular stagnation as the result of structural change. Structural change is defined as an exogenous increase in the employment share of stagnant activities, which exhibit no or low labor...

The stylized facts of neoliberalism include a decline in steady state rate of growth and labor share. Recent classical-Keynesian literature sees the latter as a cause for the former. A crucial element is the distinction between short and long run. The business cycle is profit-led and...