Over-borrowing and financial stress has recently become an important issue in macroeconomic and policy discussions in the US as well as in the EU. In this paper the authors study two regimes of financial stress. In a regime of high financial stress, stress shocks can have large and persistent...

This book gives a comprehensive description of macroeconometric modeling and its development over time. The first part depicts the history of macroeconometric model building, starting with Jan Tinbergen's and Lawrence R. Klein's contributions. It is unique in summarizing the development and...

The Brexit vote surprised and even astonished a large number of people around the world who could not – and cannot – understand why citizens of the United Kingdom would vote to secede from the European Union. If, however, one understands not just the current problems the British citizenry...