Has the strategy of the "external constraint" (voluntarily limiting the country's policy-making discretion by tying it to the European mast) contributed to Italy's stagnation over the past twenty-five years? The existing literature is divided on this question. The dominant interpretation is that...

We present a new methodology for operationalizing growth models based on import-adjusted demand components. Applying the methodology to the latest release of OECD Input-Output Tables, we calculate the growth contributions of consumption, investment, government expenditures, and exports for...