Prologue : The perils of sleepwalking -- Contextualizing debt : history, morality, and the triple structural dimension -- The nature of sovereign creditworthiness : hierarchy, sovereignty, and responsibility -- Moralizing credit : bad debt, good debt, and the troubled conscience -- pt. I. Debt...

Ein allgemein verständliches Werk über Staatsschulden von einem Wirtschaftswissenschaftler und einem Wirtschaftsjournalisten, das auf Staatsverschuldung, auf die Geschichte des Defizits in Deutschland im Allgemeinen und in der jüngsten Finanzkrise im Besonderen eingeht. 1/3 des Buches geht...

In recent decades, governments have built up substantial public debt, which is often accompanied by a growing public sector and fiscal policies that neglect long-term considerations. The contributors to this CESifo volume consider whether the development of public debt in the United States and...

According to conventional wisdom, a fiscal consolidation is likely to contract real aggregate demand. It has often been argued, however, that this conclusion is misleading as it neglects the role of expectations of future policy: if the fiscal consolidation is read by the private sector as a...

We discuss the main fiscal policy issues in the Eurozone. Our goal is pedagogical: we do not make any new proposal, but try to represent fairly the various sides of the debate. We focus on two issues that are at the core of the current debate. The first is that, right from the start, the...

The paper compares migration policy and welfare state generosity between America and Europe. There is more selective skill-based migration policy in the US compared to the European Union. Policy coordination among states within the federal system on migration, taxes, and social benefits among...

This policy brief discusses the risks of deflation for the European economy. It critically evaluates the European economic governance for not having averted this risk and discusses how a more coordinated approach to both fiscal policy and collective wage bargaining, both aiming at national...

This paper compares the net fiscal position (NFP) of immigrants versus natives using data from the European Survey on Living Conditions (EU-SILC) for the period 2007-2015. By employing a quantile regression approach, we find that European and non-European migrants have a different fiscal...